I think there are something like 3 aspects in play here due to how you phrased the question.
357 Sig has as good a record (actual street use vs theory) as the 9mm, 40 and 45. Its advantage in a very specific situation/environment is being able to get though barriers others would not.
Over Penetration is an impossible to answer question as there are too many variables in any given shooting.
It has no more "knockdown" power than the aforementioned calibers (I think you have to get up to a 20mm cannon before you can get into knockdown power).
Theories are just that, theories. Real world use and results are what matters. In this case the theories are irrelevant. We are past theories and we have real world empirical results. You use real world results to assess the validity of theories. Said theories have fallen well short of reality.
In any given situation, a given caliber and bullet combination may indeed be a true show stopper (rare)
In any given situation, a given caliber and bullet combination may indeed not work at all (rare but more common that it took too long or they did not die but were deterred)
What the real world statistics show is that when you take ALL the real world shootings into account, none of the calibers we discuss rises above any other caliber. The only factor that actually affects the statistics is shot placement (that assumes a good self defense round).
Over penetration is an impossible to determine aspect and you have to deal with that. In my case, if someone is trying to kill me, then I am going to shoot that person and a round continuing on is going to be something I will live with afterwards (if I do my job its not going to happen but that is not a given in a shooting situation)
I am going to hope that if that occurs its lost sufficient velocity to kill or injure someone even if it hits them.
If someone is standing behind the person you are shooting, they may be safe as the bullet is going to take and erratic path through the body and exit other than on a direct path. Someone standing to the side can be at as much risk.
How many people is the person you are shooting going to shoot if you do not take them out? You do the best you can and that's life.
Avoiding someone in a traffic accident is no different. You may kill someone else doing that. And yes I had exactly that dilemma. My reflex was to avoid and that in turn had me head on with another car. I realized that, took what action I could and at least made it a glancing blow (my take was the person I was avoiding was the cause and I did not care what happened to them vs what I thought was an innocent bystander.
In a sever twist of irony that innocent bystander was the one who directed the person out into my path in the first place. Life is like that, you do the best you can and the chips fall where they will fall. The two idiots that precipitated the accident were lucky, neither was hurt or even injured (the one idiot was saved by airbags).