As a Bowhunter Ed Instructor, I don't recall telling anyone that an arrow will effectively to the job if it doesn't pass through.
Granted, we have all killed game when we didn't get total pass thrus and the arrow remained inside. Two holes are definitely better than one especially on the lower third of the animals chest cavity.
The old theory of the arrow doing more damage inside can be challenged if the shooter is using wood arrows. When the arrow snaps off the small portion inside just falls, doesn't remain stiff and continue to cut.
Aluminum or carbon that DOES NOT break off (and they will break off) does some cutting but basically opens up the entrance hole a tad larger to allow more blood to flow. The arrow can also hinder the flow of blood by remaining in the entrance hole.
A sharp head placed into the lungs/heart will finish off the animal whether you get a pass thru or not. Two holes make for an easier tracking job where the one hole will make your tracking job a bit more challenging. Just my 3 cents....