Yes it will, the closer the apeture is (in diameter) to the bullet, the more the expanding gas will be contained and the BANG suppressed.
I use .20 cal moderators with my .22, .223 and .22-250 chambered rifles and the 'hole' is 6.6mm and the bullet is 5.68mm
I have (prior to my bright coloured lableing) gone out with the .25 cal baffle stack and the .223 is definately louder with the bigger exit hole.