I don't think it is king but at least just as important as torque hp wise as torque, most seem to think or act like it's some kind of byproduct of little importance, since just about everyone is on the torque is king bandwagon. Instead of hp is a ratio of torque and rpm and different cids are gonna be a different ratio. Obviously efficiency comes into play and vary those ratios.
Depends on the top end it's probably gonna favor one of them, not necessarily the largest one.
For most builds I'd agree, but really it's goal dependent and if most followed that we all would have at least a 440 in our car, if 20 cid is s big deal between 340/360 than 32-80 plus got to be a bigger deal over 360/408.
I would say cause generally larger engines have larger bores.