I appreciate this forum because of the information and advice offered. The preceding posts validate that.
I consider the OP as a curiosity best answered by getting one. You'll probably really like the caliber. Whether you're capable or not is another story.
If you're looking to 375, 408, or 416 for long range guns, sell a kidney. Any of those three are built off cartridges where the action alone is ~$2K.
I remember asking the same questions about 338LM back in 2010, before I contracted the wildcat fever.
In short answer, it can be pointless, if you load it with 225 RN or Woodleigh solids.
IIRC, 338LM was being pushed as the ideal long range cartridge. Noise was just starting about the 6.5 Creedmoor.
I drank the Koolaid and bought a 338 LM. It delivers on it's promise. In hunting rifle carry weight (< 8 lbs ), I would not use one for ELR hunting for shots beyond 600 yards. Because of the recoil, for longer shots, you need heavier.
I have wildcats in 338 (Edge), 7mm and 6.5. All serve an intended purpose for different ranges.
There is no "catch-all" cartridge, but I would say plenty of people make the 6.5 Swede, 7mm-08, 7 Rem Mag and 30-06 look like they will do 90% or better of most any hunter's needs.
The sad thing is, there are not enough places where one can go out and shoot 1,000 yards for practice.
3000' mountains of the Oregon south coast....... in 40deg rain....
With the rain coming down in buckets, sideways, at 30mph. Been caught in that in the mountains above Reedsport. People in Oregon look at you funny when you wear an Aussie cowboy oil coat - maybe it's a side effect of the Matrix movie series. BUT, wearing one, in said storms, you will be warm and dry - better than any foul weather gear I've ever had.