yes it is, if you have a large engine, and a small engine with a higher volumetric efficiency like a honda b16, the turbocharged b16 will make more power per pound of boost and more power per CC.
Now if you want to saw "if all other things are considered equal (which is not 100% possible) then there is no replacement for displacement" then i would agree
consider an evo which is a 2.0 with a GT3076R turbo needs 22psi to make 350whp while a b16a at 1.6 will only need about 15psi to make the same power.
I understand what your saying though, if staying NA you certainly want the largest engine you can get.