Absolutely and totally false.
At the most fundamental level, you want the bullets to dump their energy in the target body. "Regular", as in Full Metal Jacket (FMJ) bullets are smooth and slippery, and more readily pass through a body (and are more likely to cause greater harm to anyone behind).
Hollow point bullets, if you're lucky, expand (which uses up some energy), and that larger bullet does more damage in its passage (also using up more of its energy).
Here's the key question you're implicitly asking: do you want to stop or kill the target? Per the above, unless you get a lucky hit on the central nervous system (CNS), people who get shot stop because they don't want to get shot again (perhaps 1/2 of the criminals shot in the US), the rest when they've lost enough blood, which bigger wound channels, destroying more tissue, do a better job of.
If you just want to kill someone, pump a lot of holes in them all the way through, for which FMJ is best. It'll be much harder for anyone to patch them up before they die of blood loss.
I put it as a simple law: lethality scales with number of hits, stopping power with the diameter of the bullet.
Caveat: if you don't luck out with a CNS hit or convincing the target he doesn't want to get shot again, there's a rather thin line between causing him to lose enough blood to stop fighting, and losing enough to die. But he still has a better chance to survive the former, and you and the other good guys have a better chance of surviving because you took him out of the fight faster.