This can sure be a "hot topic". Honestly I was hesitant to respond, but I'll try my best to provide some insight.
It looks like you're concerned with penetration and blood trails. Here are some considerations based on my personal observation.
In terms of penetration: sharpness of blades, ratio of broadhead, where the animal was hit (even if shot in the lungs, low or high in the cavity) two holes or one, FOC, tuning, cut to tip, type if tip, vents or no vents , strength of broadhead, arrow shaft diameter, machined or welded
In terms of blood trails: sharpness of blades, cutting diameter, number of blades, where the animal was hit (even if shot in the lungs, low or high in the cavity), two holes or one, how fast the animal took off after the shot.
Different types of two blade broadheads: vented, non-vented, different ratios, type of coating, some have bleeders, single bevel, double bevel, concave and convex, cut to tip, welded or machined. Also keep in mind, not all bleeders are created equal. After a certain size, I start to refer to them as four blades instead of two blades with a bleeder.
Different types of multi blades: vented, non-vented, different ratios, type of coating, welded or machined, some have bleeders, cut to tip, replaceable blades, varied tip designs.
My friend and I have shot our fair share of animals here in Hawaii and a few elsewhere (the biggest animals he shot were water buff in AUS). We shoot very similar set ups, but I prefer a multi-balde and he prefers a two blade.
We both agree that given all things "equal", a "standard" non-vented two blade will out penetrate a multi-blade if shooting at an animal. Same bow weight, same arrow weight. Both tuned. For example, if we were both going after water buffalo, we both would have two blades in our quivers. The two times I was dead set on using a two blade was when planning for a trip to AUS and when I built my own Guava selfbow (low performance bow) and shot wood arrows.
For me personally, I've had a better experience with multi-blades. If my set-up (bow weight/arrow weight for that specific animal) will allow for "two holes", I'll take a multi-blade every time.
Think of a broadhead as a tool. One advantage is you have so many choices these days. In the end, I'm just trying to pick the right tool for the job.
Hope this makes sense, if not please feel free to ask questions as I've shot a bunch of different broadheads over the years.