It's actually has pretty good penetration even at 650-700fps.
My parents are getting up there in years and I load them up some that to me feel like a 22lr.
Mom shoots it well so does dad. I'd rather see them put 5rds into a bad guy than miss because of recoil they can't handle anymore. Plus a 38 special is much more reliable than 22lr ammunition. I load them up in nickel plated brass for corrosion resistance. I do their cleaning and lube every six months or as needed.
Have you ever loaded 38 Special with black powder or a substitute?
I use 3F BP with 148 HBWC in Colt Lightnings. The hollow base bumps up to fit the .375 bore as the old 38 Long Colt was a heeled cartridge. Never have had an issue.