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Whether it is a waste of time depends on the application. While it is true that a bullet giving full through and through penetration won't be very energy dependent a 240SMK will still leave a larger wound track than a 150gr bullet provided that it tumbles. I'm not a fan of tumbling as a wounding mechanism, but the 240 will do more damage than a shorter bullet in that regard.
More energy would also be useful if you are shooting steel targets. The added downrange energy is helpful for knocking down the targets. Of course the larger bullet also has a better BC and won't lose velocity or energy as quickly, though that is a small issue with the range the 300 Whisper is useful for.
The biggest advantage, in my opinion, is reliability. It is easier to get an AR to cycle with a heavier bullet because it allows the use of more powder, which means more gas to cycle the action.
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