In theory yes the more capacity you have the more work can be done.
However there comes a point where the breathing capacity of the head and valve train cannot feed the needs of the bigger capcity, the result is higher rpm horsepower suffers more than peak torque.
I machined a little 850 a few years back and stretched it to 1150cc. This engine want from stock 33hp to 71.5bhp. in ordert o get that far it needed a 12g295 head fitted with. 1275inlet valves and twin hs2 carbs. That being said the original 850 block went on to produce 72lbft of torque up from the original 44lbft!
Capacity wins here everytime.
For fast road applications think that 68 to 70lbft per litre is possible. The more litres you have the more grunt you have.
Now for the overlooked bit.
Most used engines are well past there best ring seal conditions so people don't realise that a simple rebore will restore a lot of lost power and torque. So a simple 0.020" rebore and new pistons can feel like twice the engine! The point is it's not the increase in capacity that gave the massive increase in performance. Is the restoration of the lost seal.
Ac
1150, well done !..............I was pleased to bore an 848 to 999