"Knockdown Power" is a deceptive term. A 30-30 has maybe 1,800 ft lbs at the muzzle and 1,200 ft lbs of energy at 100 yards. The .54 roundball at your 100 gr FFg is maybe 1,600 ft lbs at the muzzle and 900 ft lbs at 100 yards. It's also as big around as an expanded .30-30 bullet to begin with. I've had deer collapse where they stood with a round ball, so I guess that counts as ideal knockdown power. I've also had them put 100 yards behind 'em with half their heart blown away. The same as with a 1 oz. 12 ga. rifled slug with a ton of muzzle energy. I've had deer die in 15 yards with a broadhead through the lungs that only carries 45 ft lbs of energy. A bullet passes through an animal without knocking it down. High velocity rounds kill with hydrostatic shock, you don't have that with a round ball. Smack a deer in the spine with anything and it will drop like a rock. A round, lead ball also has a great deal of penetration. I've only ever recovered one from a deer, and that was a front-on shot and the ball lodged under the skin on the back of the deer's thigh, about 32" of penetration! I's rate the .54 a better killer than a .30-30 on large game under 120 yards, mostly because or that. A round ball never fails to perform from deformation or lack of expansion. It is what it is.
As with all weapons, shot placement is the most important thing.
Iron sights are ideal for a muzzleloader, because the range you can see to use the sights works out to about as far as you should expect the ball to carry with deadly force. 120 yards is a long shot. You're getting normal accuracy. That's about all I ever hope for with iron sights.