Yes, but there's another dimension....
The most classic Portuguese, and those that built the name, are the original Ref. 325, and the Jubilee. If memory serves (I don't have my calipers handy), these were both around 42mm x 12mm. A mm here and a mm there can make a huge difference. Many of today's watches in the line run 45mm x 16mm. When they are placed side by side,the new ones really do tend to look a bit "steroidal". In my perception, the difference is more about height than diameter.
As MF points out below, the "Giant Portofino Moonphase" is very wearable and elegant at 46mm, partly because it is not much more than 10mm tall.
Regards,
David