I've always been under the impression that the cannelure in a rifle bullet is there to prevent or minimize any further expansion of the bullet upon impact.
No, sorry, that is not why it is there. It MAY do that (limit expansion), but the reason it is there is so the case can be roll crimped on the bullet, if desired.
I don't know when the first canellure was used, but it was obviously helpful with the heavy reconciling large bore single shots, the tube magazines, and eventually the gazillions of military rounds that were turned out and crimped for increased reliability in storage and handling.
A cannelure and crimp is for REPEATERS. It does NOTHING in a single shot rifle. Rifle rounds are crimped to withstand the battering that happens in magazines and during the feed cycle of semi and full auto firearms.
Tube magazines put both recoil forces and spring pressure on the bullet. Heavy recoiling magazine rifles can batter the bullet, and semi and full auto arms slam rounds into feed ramps and chambers at high speed, so a good crimp makes sense for these situations.
Also, the bigger the bullet in these cases, the more important the crimp becomes. There is a significant difference in the inertia between a 55gr .224" slug and a 500gr .458" one!
In a single shot, none of these matter. There are no rounds in the magazine to be battered during recoil, and the feed system is pretty gentle (one, by hand, slipped into the chamber) compared to repeaters.
I crimp (and crimp well) .45-70 loads for a Marlin lever gun. Loads for my Ruger no.3 and my Contender, I don't crimp at all.