It will kill deer and there are also few good reasons to choose it aside from novelty. I had a phase with my Marlin .357 then realized I was driving screws with a hammer. One possible use I can see for it, and one that I used it for myself, was with a 35 Rem bullet or heavy cast shooting subsonic over trail boss or the like (at that time titegroup, as trail boss wasn't out yet). This was for 50 yards and less coyotes and the odd whitetail on our own small acreage, with neighbours and their horses and cattle in earshot. They were no louder than a pallet dropping and didn't sound particularly like a gunshot from a distance.
Aside from this niche use, you're giving up a heck of a lot of trajectory, and accepting poorer terminal effects than a real rifle chambering, even the .243. The .243 is a much better all round rifle for coyotes, wolves, and deer too, and more effective despite popular wisdom dictating otherwise. Believe me I know because at the time I could only afford one hunting rifle at a time, and I replaced my Ruger .243 with the "neat" .357 carbine. I regretted it about a month later, as the shortcomings were extremely evident.