Depends on the type, brand, and quality of soft armor. Like everything else, not all soft armor is made equally, despite NIJ rating. Some are effective beyond what they are rated at, others will fail the moment you go beyond the testing parameters.
Lv 2 is common concealed armor; 1400+ FPS FMJ, and some JHP rounds, will zip through most of this like butter. The above-mentioned 50 Gr. 9mm is a good example.
Some Lv 3A, however, will stop those same 50 Gr. 9mm rounds at point blank. And IME, 3A is more common than Lv 2 these days, due to advancements in soft armor tech over the past twenty years, bringing the cost down and making the panels almost as flexible as older Lv 2 panels.
The military changed over to short-barreled 5.56 carbines for a number of reasons, logistics chief among them; not because MP5's weren't killing fuckers left and right.
What most people fail to understand is the sheer force behind that dinky little pistol round. We're talking about 350-450 ft-pounds of kinetic energy, roughly 500+ joules. So think about this.
Getting hit with a 9mm while wearing soft armor is like getting hit with a hammer. A 32 ounce claw hammer being swung by an angry gorilla.
It may or may not take you off your feet, but it is going to hurt like a motherfucker, knock the breath out of you, and either bruise or break a number of your ribs.
ETA: Forgot to mention, soft armor and hard armor are two different animals. Soft armor cushions the blow. Hard armor spreads it out over a much greater area. Pistol round Vs. Hard Armor doesn't hurt much, whereas against soft armor, you'll be bruised to hell and back.
There's a reason why the best defense is soft armor layered under hard armor, and not getting fucking shot in the fist place.