Yes, yes, and oh hell no. The impact of something that large at those speeds won't leave an entry or exit wound in a body.
It's gonna leave an entry and exit wound on the building that said body is trying to use as cover. That's less anti-personnel and more anti-everything. Including assets in low orbit if you're tied into the right targeting suite.
In addition to the above overperformance of the round, given the specified size of the round, I doubt you can fit a railgun that can fire that round into a package the size of a modern GPMG like the M240. You're talking at least the size of an M242 Bushmaster cannon. Unless we're talking it as a crew-served weapon or the primary weapon of a large mech suit, that round and weapon is way too heavy for infantry to field.
If intended for infantry issue, I'd argue for a round much smaller than what you have suggested. Say, 5-6mm diameter, 20mm long. Puts you in the ballpark of modern high velocity military rounds like NATO 5.56x45mm. Back that up with double or more velocity, and now you're talking 4 or more times the energy. Which is still going to make a hell of a hole in whatever hard material it hits, like, say, concrete. If it hits a body... There's probably going to be not much left of the center of mass area.