Yes, volume among others things play a big role in how an engine performs. The is more to building an engine than just port durations.
An engine designed for high rpm us (like a drag engine) will tend to favor a small CCV because at high rpm the time the port is open is shorter. In a sence, it becomes harder to "fill" the cylinder with enough mixture to get the job done. A smaller CCV will increase the speed of the charge entering the transfers, this will aid in cylinder filling at high rpm. In general the more charge you can put in the cylinder, the more HP you make.
There is a down fall to a engine built for high rpm use, the engine tends to be peaky and not much fun to drive at lower rpms.
Now an engine built for MX will tend to favor a larger CCV because it will give the engine a little more flexibility. The cylinder does not need to be filled as quickly as a drag engine does.
If a cylinder gets filled to quickly, it can actually "push" the charge out the exhaust port and result in a power loss.
Now what I talk about here is just some basic "trends" in engine building. Every engine builder has their own way of building a particular style of engine.