Not at all, the point is just biased and missing key factors.
In full house loads, with mainstream bullets containing lead (don't know the boutique market since it's not relevant to me), I wouldn't go to 125gr in 308 for general use load. It's just lacking at both short and longer (let's say over 200m) ranges.
For a given bullet construction, two things define the behaviour in (given) target: impact velocity and sectional density. Bullets of similar construction with higher sectional density tend to have also higher BC that further contributes to higher impact velocity (in addition to case capacity difference between the cartridges in question). Of course when these variables are matched, larger diameter bullet tends to be more "efficient", "destructive" or whatever you want to describe the terminal effects that lead to faster expiry.
If we take granted that 130gr 270 is suitable for reds, you really should be looking at 160gr bullets in 308 to match the SD. Give it a little leeway, and take 150gr 308.
In non-lead of suitable design, I'd happily use 130gr in 308. Thus it's obvious to compare e.g. T-TSX if you're fixed on 130gr 270. In 270 130gr still has adequate but not excessive speed, and many manufacturers won't even offer lower than that. Arguably you could also drop down to 110gr if available (T-TSX is).
For true like for like comparison in lead containing ammo, you should take a manufacture product line and pick the candidates there. Like Hornady American Whitetail, or Nosler Ballistic Tip Hunting. Or at least match the next weight up in 308, not next weight down.
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