Good morning.
When I was a tenderfoot in hand loading, I remember reading about load density. The proposition that a case very nearly filled with powder is more likely to bring uniform burn than a case only half filled with powder. Uniform burn, in turn, leads to better accuracy. Ok. File that in the "need to know" drawer and return to it when conducting load development.
Fast forward many years. These days I'm loading cast bullets in 32-40 and 30-30. Both of my rifles give me really good results with volumetrically small charges of IMR 4227. Like right at a MOA, sometimes a little bit less. Sometimes worse. Heck, I've read of folks using wads, toilet paper, dacron, and other methods to assure that these smaller powder charges remain close to the primer, in effort to achieve more consistent loads. I haven't tried these things, fearing a ringed chamber or worse.
I haven't futzed about in these cartridges with any bulky or slower powders like 4831 or anything like that, so I cannot comment. Maybe they will perform better. I can't say. I can say these low density loads shoot as accurately as I can hold these guns.
So too I cannot really reasonably explain the performance of these low velocity, low volumetric density, loads. I guess all I am able to take away from this puzzlement is high density loads are better, except when they aren't.