The V-Max bullet, even at 22-250 velocities, does not "explode" per se. But like I noted earlier, it's a very frangible projectile. That, combined with the plywood backing, is what is causing the tears in the target as the backwards splash from the bullet path is creating the exaggerated hole in the paper.
While not the same thing, a lung-shot deer often leaves a large spray of blood and lung tissue where it stood -- sometimes on both the entrance AND exit side. This is not due to a bullet exploding either but simply a by-product of the explosive exhalation of a collapsing wound channel.