No replacement for displacement. Maybe. But not in my personal experience.
I've gone full circle on this.
Started out with a 308, moved to a 280, then a few different magnums, back down to a 280, and now back down to a 6.5 Creedmoor.
I've never noticed a difference in the performance of any of these cartridges/calibers (and a bunch of cartridges not listed) on big game, but I have noticed a difference in bullets.
In my opinion bullet construction is a good replacement for displacement.
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