Maybe, but I'm not convinced. With enough velocity, a ping pong ball can blow a clean neat circular hole straight through a ping pong paddle. Fast moving objects can cause extremely localized damage. On the other hand if you shoot a fast at a plastic jug full of water, an incompressible fluid, it will shred the water jug specifically because that water is incompressible. Fill the jug with air or sand and you'll then find that the jug remains intact when you shoot it, save for two bullet-sized holes through both sides.

If the tungsten rod is able to borrow through hundreds of meters of bedrock, it seems to me that's a sufficiently efficient penetrator that it might 'ice pick' straight through the target bunker dumping only a small fraction of it's energy into the bunker, as it then goes deeper through more bedrock.