Exactly..The bullet left a nice,round mark.If it was keyholing,the burn pattern would be shaped like a side bullet profile.No keyhole there..I don't think I've ever seen a 1911 keyhole..Looks like the paper was tearing to me. I can see the round hole the bullet made . I don't think you have anything to worry about. I do not see anything that made me think a bullet was sideways when it hit the target.
Shane45 hit the nail on the head for future reference. If the torn portions are still attached to the target, flatten them back into position and take note of the actual bullet imprint. Keyholes will not be nice and round but oblong. A lot of times they look exactly like the side view of the bullet.But the easiest way to see/know this, is that the actual bullet hole shows the powder/jacket residue in a nice circle. If they were keyholing, you'd see the same residue around the ripped area, as well.