There are a variety of factors that feed into that. One is that it depends on where exactly you hit the deer. Assuming that the bullet goes through the vital organs, then it's very likely the deer would be killed. There could be some destruction of the game meat, but that would be very dependent on the construction of the bullet. Some bullets are built very solidly because they're intended for penetrating deep into large animals like elephants. On a deer, the bullet would probably pass through the deer, not causing much more damage than you would expect from an ordinary hunting calibre, simply because of the construction of the bullet.
The answer to your question is that it is highly dependent on the exact circumstances, the exact calibre of high-energy ammunition, the exact construction of the bullet and where on the deer the bullet impacts.