We have numerically solved the Landau-Lifshitz-Gilbert (LLG) equation in its standard and inertial forms to study the magnetization switching dynamics in a 3d thin film ferromagnet. The dynamics is triggered by ultrashort magnetic field pulses of varying width and amplitude in the picosecond and Tesla range. We have compared the solutions of the two equations in terms of switching characteristic, speed, and energy analysis. Both equations return qualitatively similar switching dynamics, characterized by regions of slower precessional behavior and faster ballistic motion. In the case of inertial dynamics, ballistic switching is found in a 25% wider region in the parameter space given by the magnetic field amplitude and width. The energy analysis of the dynamics is qualitatively different for the standard and inertial LLG equations. In the latter case, an extra energy channel, interpreted as the kinetic energy of the system, is available. Such an extra channel is responsible for a resonant energy absorption at THz frequencies, consistent with the occurrence of spin nutation.