Hiya!
...and the thing about "handwaiving" is this; if it's fun for everyone at the table, the who cares?
Me? I just give bigger creatures more HP's and use "simulated physics" with regards to the beastie attacking the PC's...but usually not the other way around. In other words, if the ogre smacks the gnome with his massive tree-club for almost maximum damage, I'll have the gnome "fly back 20', smacking against the wall; you take a total of 14 points of damage from it all"; so maybe the club did 10 and hitting the wall did 4 more, who cares? It looked cool and made sense. The gnome then chucks her dagger at the ogre and "it hits the ogre in the shin for 2 points...he doesn't even notice as he keeps his attention focused on the barbarian in front of him now". Yes, the ogre "technically" took damage, but the amount in comparison to his maximum HP and his size vs the dagger would make the hit virtually unnoticed.
So, all the "handwaving", or, in less condescending tone, "DM adjudication", is what is expected in a game of make-believe and magic. As long as it's fun now and won't cause future games to be less-fun... just go with it! I DM my 5e games with what I call "consistent inconsistency". Basically, I will describe what happens, apply rules (or not), or otherwise "change stuff" on a case by case, situation by situation, basis. So after a few levels, that gnome get's hit again by a different ogre for the same amount of damage... the gnome isn't thrown back 20'; she "gives with the blow and slides backwards a bit, still on her feet...the ogre looks a bit surprised and glances at his club as if it was it's fault". But I DM this for everything in the game...so my players know what to expect and aren't caught totally off-guard.
The players have a lot to do with this play style; if you have huffy players who want to somehow "win D&D" by the numbers/book, then they will be complaining no matter what you do. If you have players that don't trust you as a DM, they won't have as much fun. If you have players who can't handle anything 'bad' happening to their character, you'll get complaining when something does. But if you have good, mature and socially well adapted players...5e is, IMHO, an excellent RPG system to play.
^_^
Paul L. Ming
I used to have house rules about this several editions back.
Something like 10 points of damage, knocked back 5 feet. 20 points of damage, knocked back 10 feet, etc.
It didn't matter if it was a PC or NPC doing the damage. The foe was going to reel back from more massive amounts of damage and not just not just have the hit bounce off his chest like Superman.