I don't think anyone knows (or maybe even
can know) whether the tumbling 200 grain RN .38 is more effective from a snubby than a .38 target wadcutter. There's a mile long thread called
Fun with a Webley Mark IV 38/200 AKA 38 S&W AKA 380 Rimmed sticky-ed to the top of this forum with a lot of info on the question.
But some things are certain:
*Not all 200 grain RN .38 boolits are created equal. Some "tumble" and some go scary-straight. If a 200 grainer goes straight, it will have too much penetration and not enough wound mass. In that case, the target wadcutter is the clear winner.
*The 200 grainers will probably shoot higher than the sights of the snubby.
*I've loaded some 200 grain "tumblers" at about 625 f/s that would barely meet the 12" FBI minimum penetration standard. In that case, again, the WC wins.
*Whether they "tumble" or not, 200 grain RN boolits will fall into the cylinder easier than the WCs. For reloading under duress, the RN is the clear winner.
*At anything like similar velocities, say, 650 f/s for the WC and 625 f/s for the 200 grainer, the WC will have noticeably lighter recoil and should be easier to control for faster and more accurate follow-up shots.
All things considered, I'd be tempted to load target WCs in the cylinder and save the 200 grainers for the speedloader.