Mmm I don't think so. If she feels looser it doesn't mean that she won't feel you. She needs blood flow, and arousal gets that. If she is penetrated with less arousal, it's like stroking a flaccid dick pretty hard, which many times can be uncomfortable or it becomes a chore.

Of course wetness and relaxation can skew the perception of feeling each other, but the actual feeling comes from sensibility of pleasure and pressure sensors, so the woman also holds some accountability on that, in conjunction with the penis.

When women are really aroused, they feel dicks better, regardless of size.

Angles also can affect that perception. Once in cowgirl with my dick fully in, she was grinding her clit on my pubis while being inside her. I could not feel her (however in doggy I felt her greatly). Seriously I asked her, the man, if it was in. She was feeling me a lot but I wasn't. That experience made me realize that a woman not feeling me it doesn't mean I'm small, but be no fool, that doesn't also mean size is not being a factor, it's just it doesn't necessarily always mean size is the factor.