That would probably depend on the caliber.
I have an old magazine article somewhere about making wood bullets for magnum revolvers. They start out at very high velocities, but slow down very quickly due to their light weight and poor sectional density. I think several companies have tried to do the same with plastic bullets, and I believe at least one attempt was made to use aluminum bullets. All were very dangerous at short range, but slowed down very quickly and would fall to earth and tumble to a stop within a few hundred yards, IIRC.
Can you say the purpose?
That's exactly what would concern me.With loads this light, you have to very careful and observant to keep from blowing up your handgun due to a bullet getting stuck in the barrel. Any shot that does not produce a hole in the paper, dirt flying, or other target reaction must be taken as a sign to stop and check the bore, or the next shot could be much more exciting.