Absolutely, I have seen Bison killed at ranges up to 900 plus yards with the 7mm Mag with 168 VLD's and 180 VLD's. One went down at 425 one shot with the 180 VLD. Shot straight back from the ear with the head level and smashed through the spine and legs stiffened up and fell over. The 900 plus' first shot was behind the shoulder through the ribs. Didn't go down so hunter delivered the second shot into the spine went down instantly. The other bison was with a 300 RUM shooting the 185 VLD's and it was a one shot kill at 100 yards. Same shot as the first ear level and through the spine. The 338 will knock one off its feet. Good Luck!
It wouldn't be my preference with an impact velocity of 3000 fps. I would select a different bullet - no doubt about it - with such a large impact velocity on such a huge animal. At that velocity, I've had the 30 caliber 210 VLD completely disintegrate within 10-12 inches on a smallish black bear.
But I would if the shot placement would be strictly controlled - through the ribs on a completely broadside target posture. Just behind the front leg muscles. And I'd much prefer an impact velocity of 2000 fps than 3000fps with the VLD on an animal the size of a bison. Just shoot him at 800 yds and you should achieve a preferable impact velocity.