Ok, that is one guy's opinion. From what I can find, the 45-70 GOVT can penetrate up to 35" in SOFT tissues. That is good enough for pretty much any game anywhere. Hard tissues of rhino, elephant and whale are a different story. The .460 has proven to penetrate 40" MINIMUM on hard tissues like the Rhino. Not ballistic gel testing, actual hunters measuring a penetration depth of over 40". The whaling commission also required 40" minimum penetration to humanly kill a large whale and they were satisfied with the .460 also.
Also, the thing the 45-70 does not have is the range or as much flexibility in loads. The 460 WBY's heaviest bullet is traveling faster at 300 yards than the 45-70's bullet is at the muzzle. If you want to follow your logic of penetration drops off at over 1,600 FPS, you could easily take any animal on earth out to 500 Yds with a 460 WBY. As far as flexibility goes, you can load a 300 GRN bullet and launch it at 3,000 FPS + for safe, long distance hunting of any predator. Or you could load a 600 GRN solid bullet at 2500 FPS for quick stopping (killing) of an elephant, at practically any range. The 45-70 tops out long before any of that.
The 45-70 is a great old cartridge and more than enough for most predators but it is not in the league of the true "elephant" calibers like .460 WBY, 500 nitro, 577 Trex and beyond, like the OP is talking here. Besides if you ask me, .375 Ruger is probably good enough for anything, anywhere anyhow.