Joe,
Let me give a simple illustration. Load a 30/06 with a 150 gr. bullet, 57.5 grs IMR 4350 and it should produce 2930 fps with 57,300 psi according to Hodgdon's data. If one would use Bullseye to match the same velocity with the same weight bullet, the pressure would be quite excessive and could well result in serious damage or injury.
It would be the pressure that caused the damage, not the velocity. I suppose one could say if the desired velocity is reached while the bullet is still in the chamber, then velocity is the cause. Post hoc ergo propter hoc.