[Sorenant]

I was thinking less about passing right through the links and more in the line of the bullet "biting" into the links and transferring its energy on a small number of rings instead of getting deflected by a plate's curvature and also facing a solid mass of metal. Not unlike arrow/bolt vs mail/plate, I know mail was effective against such projectiles, but less so than plate, so my intuition was that a fantastic mail would be less effective than a fantastic plate in stopping a bullet.

On the other hand, just as you said, it's a magic material so it might just be strong like that.