Exactly. European loads are light for caliber high velocity sub-machine gun rounds that can also be applied to pistols.
Most Americans have the peculiar notion that a pistol should hit that at which you aim, penetrate to it’s vitals, and stop what ever nonsense gave you cause to shoot, and then let you get ready for what happens next. That leads to heavier bullets launched at lower speeds.
Good work can be done by both concepts. Napoleon, recognizing that more men are scared off than killed off said “The Morale is the the Materiel as three is to one.”
Spanish Largo is 9x23, Parabellum is 9x19.