Not exactly. It's not airflow through the engine that matters, but rather the actual density (or oxygenization) of the air being drawn into the cylinder that determines how much fuel you can add, and thereby how much power you can make. that's why MAF sensors measure the Mass of the Air Flow, rather than the volume, and why there's a temp sensor in the intake for compensation. You could easily go up in CFM, but actually lose charge density per firing.
I agree unreservedly that boost level is largely irrelevant- only a muppet would think it's better to run 30psi for 600hp if the same engine could make the same power anyway on 25psi (and i know some people seem to think it's some kind of 'street cred' to have a huge boost number.