Fired at the muzzle, a representative .223 Remington load (3.6 g, FMJ, 990 m/s) reaches roughly 14 mm (0.6 inches) into kevlar nij iii. That is enough to defeat a typical barrier of this material — treat anything behind it as exposed.
About Kevlar NIJ III
A soft body-armor panel is roughly 5 mm of layered Kevlar.