For many years I used a G23 as my 24-hour on/off duty pistol, and it never occurred to me that the .40 had significant recoil until I fired a co-worker's USP compact in .40. After 3-4 shots I stopped and stared at the gun quizzically, baffled by the muzzle flip.
So I do think bore axis is a consideration, but I notice the difference quite a bit less in 9mm.