At least one of the M-1 books I have mentions a max range of close to one mile with an issue load. Thus, a scope and a spotter would help a shooter reach out far beyond 500yds for a kill.
...when I [saw] GIs firing that weapon it really looks like that rifle packs a wallop...
There is certainly movement, but the gas operation that recycles the action absorbs a lot of it. The rest is accommodated with a proper, snug grip made even better with a sling. The result is that recoil is softer; more like putting your hand on some one's shoulder and abruptly pushing few inches.
The '03 of course, was not gas operated and at the end of the day most casual shooters would be looking for a shoulder pad.