Pretty much. It gives you a wide varietys of tunes too. When my gun was stock it had a very heavy hammer, long stroke, and hit the valve quite hard at 150 bar for 850fps ( .25 34gr) for 40-45 shots. Now, with a 150cc plenum, I run a super light short stroke hammer that just burps the valve, get 930fps, and about 80 shots and improved accuracy. Also, if I wanted to, I could drop down to 100 bar with little baby strikes on the valve and get 890fps with 25gr pellets with an insane shot count. 
 
Pretty much. It gives you a wide varietys of tunes too. When my gun was stock it had a very heavy hammer, long stroke, and hit the valve quite hard at 150 bar for 850fps ( .25 34gr) for 40-45 shots. Now, with a 150cc plenum, I run a super light short stroke hammer that just burps the valve, get 930fps, and about 80 shots and improved accuracy. Also, if I wanted to, I could drop down to 100 bar with little baby strikes on the valve and get 890fps with 25gr pellets with an insane shot count.

Which gun do you have? 150 cc is a lot of volume!!
 
I guess for most guns it is a compromise between saving space, and have enough plenum for the given caliber, and what most owners will use the gun for. If the gun use the tube and the area behind the reg as a plenum, one can make it bigger by moving the reg and breath hole forward in the tube. But bigger plenum would in this case mean smaller reservoir for the high pressure air. A .25 caliber gun will probably benefit more from a bigger plenum, than a .177. Same will probably a high power slug shooter, in comparison to a medium powered pellet shooter. A gun with the plenum inside the block, would probably require a bigger block, for a bigger plenum.