Extracted in part from AR Build Junkie an interview:
Q: I know there are other benefits to the Cavity Back design, can you talk about those?
Robert DeBell, Cavity Back Bullets: There's a couple of things that happen with a cavity in the back of the bullet. First, it increases the square area that the powder column pushes on, this helps the bullet get moving faster and mellows out the powder spike. So, in other words, you can push them farther than what you would typically be able to push other projectiles.
Center of Gravity/Center of Pressure
What we found is, in the technical aspect of it, is there are two things that affect flight of a bullet. One is the center of gravity, and the other is the center of pressure. As the bullet speeds up, the center of pressure moves back to the ogive, towards the back of the bullet. As the bullet slows down, the center of pressure moves forward on the ogive.
One of the reasons bullets have problems going through the trans-sonic zone, like the 168-grain Sierra…where a 170-something grain bullet doesn't, is because of the difference in the weight of the bullet between the center of gravity and the center of pressure. That particular bullet becomes unstable as it goes through the trans-sonic zone.
Shifted Center of Gravity
Because our bullet shifts the center of gravity toward the center of pressure but does not put it in front of the center of pressure, our bullets are more dynamically stable as they go through the trans-sonic zone. So, that's another thing we found. All, bullets when the leave the bore…they yaw. Our bullets tend to yaw less because the center of gravity is closer to the center of pressure than another other bullets. So, that's a side benefit when it comes to accuracy that we didn't even see coming.
Bore Blast Benefits
Another effect of the cavity is something called "bore blast". There's a few different terms for it, but basically, as gasses are trying to escape around the bullet as it leaves the bore, the gasses are going faster than the bullet…that's why the bullet moves down the bore. The cavity helps disperse these gasses into a wider cone angle. So, when the bullet does leave the bore, it's not encountering as much turbulence.