With all the variables involved: caliber, shape, construction, weights, velocities, twist rates, I haven't seen it all. There are many anatomy/physiology variables that I haven't seen yet either.
The rereading of these posts reveal a couple of things we could have expressed better. We keep saying "both lungs" kind of OK, but they are better represented as segments and sub segments that are not necessarily deflated because of a bullet hole in another region. Variability of blood loss, the lungs have basically 2 types of blood flow-systemic that is the normal BP kind of thing we think of, and pulmonary circulation which operates at a much lower pressure, also if the lung unit they supply isn't aerated they constrict, and blood flow will shift away. It is possible to thread a bullet through a lung without hitting a systemic vessel, and minimal blood loss.
Lungs don't produce oxygen-they carry it (ventilation) from the atmosphere to the pulmonary circulation (perfusion), and Adrenaline/Epinephrine most definitely affects ventilation and perfusion. An animal relaxed isn't using much of it's lung capacity, on adrenaline it will use as much as it can. It will supply any undamaged lung segment at this point. Perfusion will also change to benefit flight or fight. Epinephrine is one of the cornerstone drugs for cardiac arrest, and in some breathing disorders as well.
None of this is to deny anyones experience-but to hopefully support that legitimate different experiences exist for a variety of reasons. Hunting is a remarkably complex activity Here's hoping we all stay curious about what will happen the next time out!