cb, the fact that a bullet is an HP has nothing to do with it's velocity. A 40 gr bullet is a 40 gr bullet.
The hypers generally are pushing the edge, a light bullet with a max charge.
In terms of terminal performance, you're right, an HP won't penetrate as well as a solid. Light bullets tend to be more frangible as well, so they'll come apart faster. A 22 LR is marginal for yotes to start with, a light bullet that comes apart too quickly may not work as well as you want.
In general with 22LR rounds and guns, I've found the hotter loads to not be as accurate. Part of that I think has to sound with crossing the sound barrier. If it leaves the muzzle at say, about 1200 fps or a bit less, by the time it gets a bit out there it drops below 1080 or whatever the speed of sound is (don't recall the exact figure, you should see where I'm going though), and bullets have a tendacy to lose stabilty when they drop below the speed of sound. So it may be very accurate at close range and then lousy a ways out.
Obviously, more energy on target is good, but if the load isn't accurate in the gun it's used in and you can't hit the target, it doesn't do you any good.
My 22's pretty much shoot the best groups with target ammo, which is lower velocity, but function better with a little hotter ammo, and have miserable accuracy with the hottest.