Supercavitation was first considered as a means to increase the underwater range of shells fired to strike ships below their waterlines.
The Henschel Hs293/294 anti-ship guided missile (also of WW II), using an SC500 warhead with Kopfring (a device fitted to German and Russian bombs to limit penetration in soil), may have achieved supercavitation on entering the water at 150 to 180 metres/sec.
Western hydrodynamic research then concentrated on reducing propeller blade drag by supercavitation, while the Soviets also used it to reduce the drag on non-rotating bodies.
The dimensions of the supercavitation bubble vary with ambient pressure, as does the force on the projectile nose, hence effective range reduces as depth increases.
To digress, supercavitation has also been applied to improve the penetration and stability of bullets used in big game hunting, as illustrated by the products of Michael Reichenberg Spezialgeschosse in Germany and GS Custom in South Africa.