Example:
If enemy resistances are 0% and you're using 1\1 dmg -35% dr mod ammo, resistances will still 0%, they're not going below 0.
If enemy resistances are 15% and you're using 1\1 dmg -35% dr mod ammo, resistances will be 0%.
If enemy resistances are 15% and you're using 2\1 +20% dr mod ammo, resistances will be 35%, but damage will be doubled.
So, basically, JHP (the one that multiplies damage) is good to use against low- or un-armored targets, AP - against armored.