I don’t know how Toyota calculates their trunk, but according to them, trunk in HL is same size as trunk in Armada. Anyone who opened trunk in HL knows it is small, it is super small for that segment. True, it works for a lot of people, but, if cargo volume is priority, HL is small. Toyota is introducing GHL for a reason.I have fit adults in the 3rd row before. After moving the 2nd row forward a bit for leg room.
The Atlas CS with the 40.3 cu ft behind the 2nd row, folded is only 77.8 cu ft. Maybe your math says it's larger than 48.5 cu ft with the 3rd row down & 83.4 cu ft on the Highlander with all the rows folded.
Now my wife is 5ft, and she said absolutely no when we were checking HL, precisely bcs. Space in trunk and how she felt seating in 3rd row.
CS is big. It has more space in second row (dramatically), it is wider. Not sure actually about trunk. I drove it twice when they got out with 2.0T and 4Motion just to check drivetrain. IMO, vehicle is in that grey territory where it might appeal to some people, might.
The vehicle that is comparable to Atlas will be GHL.