Technically,maybe.I find well tuned,front weighted arrows more stable,more forgiving and less bothered by wind.That helps me hit better.I shoot 700 gr arrows out of low 50#,weight bows and I don't have to think about trajectory to 20 yds.At 25,I hold 4" higher and at 30,4" more.Most big game are taken at closer distances and the difference in penetration over my old,500 gr setups.
Weight does more for the momentum than speed.
Here are some real life figures.Notice the momentum numbers.
1.51# bow,715 gr arrow @ 155 fps-momentum=.492
2.62# bow,620 gr arrow @ 180 fps-momentum=.4955
3.70# bow,370 gr arrow @ 300 fps-momentum=.493
Each person has to decide what they like for trajectory.As far as penetration goes,heavier projectiles penetrate better,considering the power level is the same.
Simple penetration tests I have done show a 10% increase in arrow weight yields about a 20% increase in penetration.And to be honest,it is very difficult to communicate this stuff to someone who has had speed,speed,speed drilled into them for years.