Hollowpoints are designed to expand in a specific velocity range.
If you care about your hollowpoints expanding, then it matters a LOT. If not, then not.
FirearmsTactical also tested many loads out of the short barreled .45 and found them to perform very poorly. No expansion through cloth. 185gr +P might expand through cloth but the heavier ones won't.
The same tests were done to the .40 and found that the .40 expands very well from short barrels. This is because the .40 is designed from a 4 inch barrel so a 3.5 inch barrel still does okay. And, it is a high pressure round that goes well from a short barrel. .45 works best out of a 5 inch barrel. If you want expansion, you need to stick to that barrel length.
And, I don't care what anyone says, .45 hardball sucks in hitting power just as bad as any other hollowpoint that does not expand, so hollowpoint expansion always matters to me. I would much rather have a .40 that expands most of the time over a .45 that never will. That is why, in short barreled guns, I go with the .40.
Your short barreled .45 will still make a hole, but it won't expand. If you want "hitting power", you want the hollowpoint to expand. so, yes, your 5 inch .45 is going to have much better hitting power than a 3.5 inch barreled one. They will still make a hole though, one will just dump energy better and hit harder.
That't my two cents, and I have no interest in arguing about opinions on it. To each his own.