You take two 7"Lx6"Hx2"W firearms - something most people consider "concealable".
9mm semi will have 4" barrel, 357 wheel gun will have 2" barrel.
With standard loads, grain per grain bullet weight - 9mm will be faster, thus delivering more energy.
Don't get me wrong - 357 is powerhouse, it blew my mind when loads for my lever gun surpassed 30-30 .... it just needs that long barrel and no cylinder gap to transfer energy to the bullet, not air via muzzle blast.
Me thinks you underestimate the capabilities of the "Mighty Magnum".
Buffalo Bore's Tactical Low Recoil-Low Flash round, item #19H
1642 fps - Marlin 1894, 18 inch barrel
1333 fps - S&W mod. 27, 5 inch barrel
1383 fps - S&W Mt. Gun, 4 inch barrel
1295 fps - S&W mod 66, 3 inch barrel
1235 fps - S&W mod 66, 2.5 inch barrel
Even a 9mm +P still loses.