The snubnose makes it lost LOTs of power
I did a post before on comparing the snubnose revolver in .357 vs a 9mm subcompact. The snubnose makes the .357 lose A LOT of power, but to answer your question: A 357 mag in a snub nose will still always be better than a .38 special +P in the same snubnose. Always. Sure, the 357 will have more recoil, muzzleflash, etc, but the 357 in a snub will beat a .38 special+P in a snub. Now is the gains worth it for the huge increase in recoil and muzzle flash? That's up for you to decide. Although the fact is that a .357 really loses a lot of power out of a snub nose barrel, much more than people realize. It really shines in a full-size barrel. I listed the numbers below, you can ignore the 9mm comparision as I just copied and pasted from an old post. Just read the parts about the 357 and it's numbers coming out of a snub-nose barrel and you'll realize it's losing a lot of power -- although still not losing enough power to make the .38 special +P better.
Numbers:
Round-----Barrel----Energy(ft-lb)-----Velocity(ft/s)
.357 Mag --- 2" ---- 250-300 --------- 900-1000 (2.5 inch is HERE)
.357 Mag --- 3" ---- 410-440 -------- 1150-1250
9mm ------- 3" ---- 250-280 --------- 980-1050
9mm +P ---- 3" ---- 375-400 -------- 1150-1250 (Glock 26 is HERE)
So comparing the J-Frame 2 inch barrel .357 Snub vs the small GLOCK 26 9mm+P we get these numbers:
--J-Frame revolver: average Velocity is 900 too 1000 FPS and 250 to 300 energy.
--Glock 26: average Velocity is 1150 to 1250 and 375 to 400 energy.
The Glock will have less recoil, more rounds, has superior FPS speed, and superior FT/energy pounds produced.. Again, reinforcing that you need a LARGER barrel if you want the 357 to perform better.
More numbers:
357 MAGNUM in Snub-Nose
--Ruger SP101 .357 MAGNUM, 110gr, JHP. Velocity: 1,208 fps. Ft-pounds energy = 356.
--Taurus snub nose, 125 grain, .357 MAGNUM, JHP. Velocity: 1,143 fps. Ft-pounds of energy: 363
VS
--Glock 26, 124 grain. Velocity:1,182 fps. Ft-pounds energy: 394
--Glock 19, 124 grain. Velocity: 1,238 fps. Ft-pounds energy: 433
Outcome: The Glock 19 has more FPS and has around 80 more FT-pounds of energy than the snub nose .357 does than both the two different revolvers have and in two different revolver loadings. Again, the 357 losing due to it's small snub nose barrel
Here are some heavier loads for the 357, and they really lose FPS heavily due to small barrel size:
--Taurus 617, .357 MAGNUM, 180 grain, JHP. Velocity: 1,023 fps. Ft-pounds energy: 418
--S&W 686, .357 MAGNUM, 180 JHP. Velocity: 1,042 fps. Ft-pounds energy: 434
VS
--Glock 19, 9mm +P, 115 grain. Velocity: 1415. FT-pounds energy: 511.
--Glock 19, 9mm +P+, 115 grain. Velocity: 1400. Ft-pounds energy: 500
Outcome: Glock 9mm is going around 400 FPS faster, and generates almost a 100 ft-pounds of energy more. Although the 9mm loads are a lot lighter loads, even the heavier 124 grain standard 9mm loads where going FASTER than the .357 nose nose loads are. Again, showing that in the snub-nose small barrel the 357 is losing major power in FPS and ft-pounds of energy produced. Not to mention the heavy loads out of a snub nose would generate lots of recoil and muzzle flash. These numbers show the .357 magnum really isn't meant for snub-nosed revolers.
Sure, a .357 magnum even out of a snub nose will almost ALWAYS in general be better than a .38 special +P, but the .357 mag in a snub nose revolver simply losses too much power by being restricted to a small snub nose barrel size. It's numbers for the 357 magnum in a snub nose are below that of a subcompact 9mm Glock 26 or Glock 19, and in some cases the snub nose numbers is extremely low due the barrel size shaving off literally hundreds of FPS and ft-pounds of energy.
The conclusion: The .357 mag loses a lot of power being fired from Snub-Nose revolver, and produces a lot less FPS and ft-pounds of energy than 9mm produces in a subcompact model. Although the .357 mag is still always going to be better than .38 special +P fired from the same sized barrel. Sure, the gains from a 357 mag vs a .38 special +P in a 2 inch barrel might be considered small by some people, but the fact is the 357 mag will still outperform a .38 special +P basically every-time. ALTHOUGH if you want to bring out the power of the .357, then you simply need a larger barrel.