The Sniper Rifle does do the most damage in the game but not for the reasons you mentioned. As everyone else said, the crit multiplier is a crit CHANCE multiplyer. Still, it's possible to have a 100% chance to crit. If you build your character to take full advantage of the Sniper Rifle, it's probably the most damaging gun in the entire game. Here's what I did:
- Gobi Campaign rifle: 60 base damage, +60 damage on a critical hit.
- Hand Loader perk: Make JSP .308 ammo to increase base damage by +50%, bringing the base damage up to 90.
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That's not how ammo damage modifiers work. They multiply the damage you do
after DTR, crit damage, etc. So if your enemy has 50 DT, you've got a sniper rifle dealing 60 base damage, and you've got the ammo that does 1.5x damage and you do a critical for an extra 60 damage, you get this result:
HP Damage = ( Base Damage + Critical Damage - DT ) * 1.5 = 105
This would be multiplied by 2 for a headshot or 4 for a sneak attack headshot, making a one-hit for 420 damage. With a 90 damage critical (due to Better Criticals), you'd be looking at 600 HP damage on a sneak attack headshot. If the enemy had zero DT, you'd be looking at a 900 HP damage sneak attack critical.
Also, crits do not bypass DT. They simply make it a hell of a lot more likely that you'll penetrate DT.