https://resources.bisimulations.com/wiki/Category:VBS:_Event_Handlers#AmmoExplode.2FAmmoHit
The VBS implementation of this provides an ideal for the requested functionality.
A few potential uses: Realistic tank armour and penetration with very little performance cost. Molotov Cocktails and other weapons which have a secondary effect which require objects spawned after destruction, again with very little performance cost. Replay/AAR systems which accurately track bullet flightpaths and other information, again, little performance cost.