Not if you have some kind of decent MV. Eg. 700 m/s is far better than Mk 108's 500 m/s.
Germans reckoned that MK 103 have had double the chance to hit vs. the MK 108; granted that is 860 m/s (M-shell) vs. 500.
For WW II 37mm guns and the German 30mm at the end.
Gun........................................shell weight....................MV m/s...........................Joules....................gun weight/KG....................rate of fire
Japanese Ho-203.................475.....................................570................................77,200..............................89.......................................120
US M4......................................608.....................................610..............................113,000..............................96.................................140-150
US M10...................................608.....................................610..............................113,000........................... .109................................150-170 (belt feed)
Japanese Ho-204................475.....................................710...............................120,000............................130.....................................400
Soviet NS-37.........................735....................................810................................285,000.......................160-170............................240-260
Soviet N-37............................735....................................690................................175,000.............................103...............................400-430
MK 108.....................................330...................................505...................................42,100..............................60.................................600-650
MK 103....................................440.....................................800...............................141,000............................141.................................360-420
Yes some of the guns used different loads. There were an absolute crap load of 37mm guns from WW I and the 1930s, either take-offs of the early Maxim gun pom-poms for the early ones or experiential during the the 1930s. Many countries/companies were trying to stay in 1lb(454g) restriction for exploding shells used against people from the international treaties which faded away rather rapidly in the 1930s because 20mm and larger guns were intended to shoot at people but at airplanes and tanks. Just about all of them were either lower powered than the Japanese Ho-203 and weighed just about the same if not more, or for the higher powered weapons were getting into the US 37mm AA gun/German Flak 18 category. 160-300kg gun weight and rates of fire around 120-160. Things improved somewhat during WW II. Things changed a lot after the war.
There is an interesting chart in Anthony Williams book "Flying Guns of WW II" on the efficiency of aircraft guns where he figures out the "power" of a gun (shell weight, velocity, chemical content) times rate of fire and divides by gun weight. Does not include ammo weight. .303 Browning is 2.1 on scale. Only 3 guns are above 5 but not all are listed.
The Mk 108 is 9.7, the MK 103 is 4.9 as is MG 151. The other high scores are the Soviet B-20 at 6.8 and the Hispano MK V at 5.7. The US 37mm M4 is rated at 1.7.
The Soviet NS-37 is 2.5. The gun has the a rate of fire of 4rps, a power factor of 106 (most powerful on the chart for a gun power rating of 424 but the gun weight of 170kg kill it.
Now in this 'system' velocity plays an important part so it does not compare just explosive load so there is some room for interpretation. Both German 30mm guns have more "power" and their higher rates of fire and lower weights push them well over the top of the NS-37 (which many have been figured with too high an MV). At any rate MY figuring of the later N-37 is about 5.5.
From the Bf 109 standpoint, it is mostly about how much a power has the motor cannon, since going to gondola 20mm guns have had a bad impact on speed, RoC and maneuverability. The more powerful the motor cannon, the better.
The problem is hitting with a single gun, especially a slow firing one. Even a 420rpm gun is only going to fire 21 round in a 3 second burst.
One N-37 is 103 kg not including feeds, mount.
Two MG 151s is 82 kg
Three 151s is 126kg.
The 37mm gun has to equal the firepower of 2.5 to 3 MG 151s.
Replacing even a 60kg MK 108 with a 103-120kg 37mm is going to have a impact on speed (slight) climb (proportional to weight) and slight on maneuverability (weight distribution stays the same, increase in wing loading slight, depends on ammo supply).
Soviet 37 X 155 ammo is about 1.5kg per round. Granted a German 37mm can use lighter projectiles but the ammo is going to be heavier than MK 108 ammo.
At sea level, the 117g HE shell from a MG FFM needed 1.080 seconds to travel to the 1st 500m, the 92g M-shell needed 1.093. That is about 1% difference, or, in the words of late Paul Harrell, not enough of a difference to make a difference.
Those figures may be correct, the problem for long range shooting is that 500 meters seems to be the cross over point (or slightly shorter). Since the 117g shell started out at 585m/s and the 92g shell started at 700m/s the Mine shell has lost considerably more speed than the 117g shell and things are going to get worse, quickly.
There is chart in the Anthony Williams book "Flying Guns of WW II" for max combat ranges at 3000 meters and 6000 meters for assorted guns against bombers.
gun........................max R 3000m..................max R 6000m..............max effective.
Mg 131.....................700.....................................1000..............................400
MG 151.....................800.....................................1100..............................600
MG 151 117g.........750......................................1050......................................
MG 151 92G...........600.........................................800............................400
MK 108.....................900......................................1100............................400
MK 103...................1300.....................................1650............................800
The authors compiled this from several different sources. Without know how they judged things it is a bit iffy but it gives some ideas, Germans apparently did not consider the MK 108 quite as short ranged as some modern writers believe. On the other hand the standard 30mm MK 108 shell lost 47% of it's velocity at sea level and took 1.66 seconds to travel 600 meters. It was getting into the ping-pong ball part of it's trajectory even if longer than may believe. We can also refer back to RAF pilots opening fire in
training at 3 times the ordered distance (900yds instead of 300yds) which plays hell with all sorts of things (convergence zones being a big one). I emphasis training as there was nobody shooting back at them and the target sleeves were not going to bomb anything. Performance in combat was NOT going to be better.
At least one German pilots BoB memoir claims he didn't fire a gun from a 109 until his leader had him fire his guns at waves in the English channel on the way to/from England. Standard of training increased/decreased in 1943?