This one is a can of worms.
Yes the Germans used an exploding bullet, but not every bullet in the belt was explosive.
The German ammunition was an HEI-T and the tracer sucked up a fair amount of space leaving about 1.2 grams of HE ( A 20mm Hispano held about 10 grams), the German incendiary bullet held 2.2 grams of incendiary material ( The US .50 cal M8 AP incendiary held about 1 gram). The Germans also mixed an AP-tracer into the belts.
The US bullets were about 8-9 grams heavier in addition to moving faster so they had 75% more kinetic energy. If they hit wing or fuselage skin and went right on through this extra energy was wasted. If they hit something like wing spars, engine mounts, flange plates, etc they could do more damage than the German AP round could. This occasionally including breaking open fuel tanks.
If the German HE shell explodes on the wing/fuselage skin or just inside it won't do much, if any, damage to "stuff" several feet further inside. This was a major problem for both the Germans and the British 20mm ammo in the first few years of the war, the fuses were too sensitive and exploded on contact making big holes in the aircraft skin but not causing crtical damage inside the aircraft.
So a lot depends on the location of the hit and the type of projectile that scored that hit. Some projectiles will cause more damage in certain situations than others. The Projectile that causes less damage in situation A might cause more damage in situation B.