My buddy used 62 gr federal fusion exclusively for 2 years. 6 dead deer. Zero losses. Heart and lung shots.
I have used the same round and killed 3 deer, 2 heart and lungs, 1 neck shot. The 'limitation' on .223 has to do with it's kinetic energy at the point of impact. A ~60-70 grain round loses its velocity rather quickly, in comparison to a .308 150 gr. Inside 100 yards and you hit the heart/lungs...you'll have no issues. Provided you utilize a good bullet for your purposes. I have made a neck shot at 45 yards on a doe and she dropped on the spot. Yes a faster, heavier bullet will do the deed with more room for error.