If the plate material is a ductile metal, you can get a more realistic simulation by adding plasticity to the material model. The simplest one is Bilinear Kinematic Hardening as it has only 2 inputs, Yield Strength and Tangent Modulus which you can set to 0. This is a conservative assumption since a real material will have a non zero tangent modulus. If the projectile bounces off that material, that would be better than what you are showing which I assume has a linear elastic material model.