Yeah, sort of.
It's the BTUs contained in a cylinder's worth of air at stoichiometric conditions (all of the oxygen in the air, and all of the fuel will be consumed, leaving no oxygen or fuelk left) that determines how much energy will be released by that cylinder.
Do more of them (more cylinders, or more times per minute), and power goes up. Put more mixture in (more size, or forced it in under pressure), and pwoer goes up.