It is well known that some loading manuals in the past stopped well before reaching pressure limits when using cast bullets. This is obvious when the load data shows both cast and jacked data and includes pressure test results. When published data shows that they did push close to pressure limits, the max charge for cast is usually not that much different than the max charge for a similar jacketed bullet. So lets look at a load with your powder under a jacked bullet.
I found Hodgdon data showing showing 32 gr H4895 under a Sierra 150 gr for 36,700 cup. This compares to the limit in cup which was set at 38,000.
I plugged in the J word inputs for the Hodgdon load and QL predicted pressure is 37,448 psi where the limit is 42,000 psi.
To me, the above seems to be a reasonable match (even with the silly cup vs psi mess) and tends to validate is not too far off for this cartridge, powder and bullet weight. At worse, it would tend to say that QL could be non-conservative by around 3,200 psi
The highest calculated pressure in the bolded rows from post 20 is 30,128 psi for a load with 30 gr H4895.