If you shoot a rabbit or hare with a .223 (or .222 if you could find one twisted appropriately) with a heavy bullet, it will die.
There's a lot to appreciate about the simplicity of having a single light recoiling quiet rifle that kills everything with no fuss - the .223 with 70-80gr bullets is definitely a simple "general purpose" option (as would the .222 be, if built with a 1:7 or 1:8 twist) for the handloader. There's no additional complexity to handloading a heavy bullet vs light.
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