Because [look at the size of the wound](https://www.youtube.com/watch?v=fX4ODh1g4eM). Bullets do damage because of their speed, not because of their size or weight, and the damaged area is huge compared to the size of the bullet.
So yes, internal hemorrhaging, loss of blood pressure, shock, etc.
You don’t die instantly, but your body may react by dropping you to the ground (relaxing your muscles, making you pass out, etc.) from the shock.
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