Check this out. It's a GREAT read
https://www.indianagunowners.com/forums/bobcat_steel/249185-fragmentation_patterns_off_of_steel_targets_pic_heavy.html
That was pretty good. Confirms a lot of my beliefs/experience. See these frag patterns a lot in competition when the steel is near a wall or other prop.
That is secondary to the type of steel. Proper steel and it doesn't matter much.
Angling the steel so the top is towards you and hanging it loose so the steel can better absorbe the energy from the hit DOES direct the splatter more into the ground, so there is less off the sides and top (the 45-degree hits in your link show this). It also makes the steel safer if shooting slower/heavier rounds since they are less likely to fragment and more likely to bounce back mostly in-tact. Hung properly these rounds are more likely to end up in the dirt vs coming back at you if hung vertical and solidly.
I do agree that good steel (AR400 for pistol and AR500 for rifle) pays for itself in the long run since it can take a lot of abuse before pitting, and that helps make it safer.
-rvb