Again, you're looking through tunnel vision goggles.. Different types of motors and racing use different types of engine combinations. circle track, drag racing, street motors, etc.
It's not just about max airflow in CFM through the motor, it's about powerband, the affects stroke and bore have on things like ignition timing/detonation, and the characteristics of the car and how it will be raced.
You don't want to put a 4.25" stroke 434 smallblock torque monster in your 1800lb road race/autocross car just the same as you don't want to put a high winding 283 behind a glide in your 3200lb camaro drag car.
Absolutely, by quite a bit.
De-stroked engines have been used successfully in all forms of racing, from pro stock to nascar for years and years. 331's were BIG back in the 80's, and even the nascar engines of today use very short stroke/big bore engines suited for sustained high revs. What about F1 motors with their 1.5" stroke and 20k+ rpm? Not only do they make more power than 99% of the cars you see on the street, but a purpose built F1 car even with its short stroke will dominate most any non-purpose built car you can throw at it at drag racing, road racing, autocross, and probably most any other type of race. The kind of logic you're using on the importance of displacement only applies to a small section on the Pie chart of racing.