.22 solids, yeah they can pretty close albeit not .32 hole if a fmj really cuts a caliber diameter hole.
I've seen reports of velocity from snubs where the .22 mag only bests the Long Rifle by maybe a 100 fps. Some loads a little more. Some loads a little less. Pretty much a waste except, that somewhere there is the threshold where the velocity IS enough to be the difference between shit and not quite shit. I don't think anyone knows where that line is exactly. So as cheap as .22 Mag is and while more than LR it's still pretty dang cheap by the box of 50.
I've got the 351C and will have a 43C in the near future. 11-13 oz snubbies are just wicked fun.