EXACTLY ! !Rifle is recoiling and slower loads are exiting barrel a little later with muzzle upwards a bit. Very common for faster loads, to a point, to hit lower.
I think 296 really shines in 30 carbine and in full tilt cast 44mag loads.. I don't use them anywhere else...H-110/WW-296 is just a PITA unless using J-words and running them at full-tilt. It is very good in that niche, but only in that realm. I don't travel there much these days.