The British Army used .303's from WW1 through to Korea and Malaya. The No4 Mk1 and SMLE rifles are recognised as phenomenally accurate and with strong hitting power,
Compared to what? Hitting power vs. a human body is not hitting power vs. aluminum or steel. And they are not "phenomenally accurate" compared to other battle rifles. They're decently accurate and far more accurate than most soldiers, but not target rifles. The biggest advantage the Lee-Enfields had over the other bolt-action battle rifles of the day is that the bolt is easier to manipulate, which makes for a higher ROF and also more accurate shooting since the rifle will move less as the firer works the bolt. The higher magazine capacity was a plus as well. But for pure target shooting a good K98 or Springfield '03 will beat a SMLE or No. 4 Mk1, if only just. And the Mauser will bruise your shoulder noticeably more than the .303.
(And I know this from personal experience - I own a No.4 Mk1, a K98, a 7.7mm Type 99 Arisaka, and a Mosin-Nagant, just to name WW2 battle rifles, and I've shot many others owned by friends.)
The biggest advantage British riflemen had in both world wars was not their rifle, but their training.
As to comparing it to a .50, fuhgettaboutdit. Try firing a Barrett in .50 BMG sometime. The recoil isn't horrible but that's because the rifle weighs a ton and has several integral recoil-reducing devices. But the power compared to any .30 is just enormous. Even a single shot will blow big hunks of metal off a target a .303 will just put a little .303 hole in. Ordinary .50 ball (lead) ammo will go through 1" of mild steel like a knife through butter. Even AP .303 won't do that. .50 AP will go right through steel targets that a .303 or 7.62 NATO won't even dent.
There is no doubt that the .303 was inadequate in terms of aerial combat, nevertheless if it would punch holes in 1/4 inch thick hardened steel helmets at range,
Nobody, but nobody, has ever issued a 1/4" thick steel helmet, it would weigh 20 pounds. Not even 1/16". The German M1935 and its successors had a maximum thickness of about 1.2mm. Any rifle round will go right through any WW2 helmet.
it would shred aluminium skinned airframes, their control cables, fuel tanks, coolant tanks and the organic lump of hair and skin driving it.
Enough of them would, sure - but it would take a
lot fewer .50s or cannons to do the same damage. And most fighters were armored in some critical locations - and as noted above the .303 is much, much worse at penetrating any kind of armor than a .50 BMG. That's why cockpit hits with any .30 are so much more effective from above, there's no armor or bulletproof glass on top of the cockpit.
I just feel that the community is entrenched in the notion that the rounds were weak.
Weak
compared to what is the question. Compared to other small arms, no. Compared to a .50 or 20mm, yes, weak.
The point about convergence is, that the rounds had not run out of steam by 200 yards, or 400 yards, in truth they were almost certainly still in the acceleration phase at 200 yards.
Nonsense. Others have posted the relevant figures.