From my limited testing in the Simulacrum, even without any punch through mods, and without the evolution that grants punch through, the Felarx's primary fire mode has a significant amount of body punch through. And this body punch through is lost in its incarnon form.
This weapon feels so backwards. This is purely conjecture, but I think the presence of body punch through on its primary fire is functionality added incorrectly, and I think this body punch through was meant for the incarnon form. As it stands now, apart from ranged engagements and managing ammo economy (if that), there's no real reason to use Felarx's incarnon form.