Yes/maybe. Read on!
Sorry, I don't think it will. IMHO, the whole thread about trying different types of commercial ammo is a confusing and expensive red herring.
Let's look at some simple ballistics, taken from the table in the Sierra manual for 175gn .323 dia. SPT bullets - and believe me, at 100 yards it hardly matters what type of bullet you use - and I use everything from round ball to 6mm BR boattails - it just isn't flying far enough for BC etc to make the kind of difference under discussion here.
Right at the top: 3200 fps. Drop at 100yds = 1.78"
Down at the bottom: 2100 fps. Drop at 100yds = 4.18"
So the diffence is a mind-boggling 2.4 inches! Which does not explain the following:
The number of Mausers I have shot must now be getting close to 3-figures. And up to now none of them shot too low. On the contrary, all were high to disastrously high. So with some of them I had to tack on a second bull below the target to get the shots to land in the black of the upper bull. The typical military Mauser was zeroed at 200-300 meters for a central hold, depending on the country. So one has to puzzle out why this one shoots so abnormally low, not waste money on all sorts of ammo.
Once again, a photo would save reams of speculation. But a photo of the front sight might well reveal that the blade has been seriously filed down, as a fix for the usual high POI of ex-military Mausers. This is commonly done to get the POI into the black with a backsight leaf setting that can be varied to suit different types of ammo.
So Steve's answer is correct. The sight was probably so drastically shortened because a previous user was shooting lead bullets, at a much lower velocity than any jacketed bullet. There is nothing wrong in that, as you adjust the backsight leaf to suit, but if it bothers you, get a replacement foresight blade.
Post a photo of the foresight, so we can all see if I'm talking tripe!