Yes, that, and OHV engines tend to have lower redlines, because the weight of the pushrods and lifters adds to the inertia.
"Beehive" style valve springs from the OEM have helped in the situation, racers sometimes use double or triple springs.
Bore verses stroke is only part of the equation. Many Honda engines have a smaller bore than stroke, even the ones that go to 8000 RPM or more. However, because the pistons are narrower, they are also lighter, reducing the inertia that causes failure at high RPM.
Forced induction has an effect, too. As the boost pressure rises, the intake valve spring must be stronger to shut the valve. Either the springs get higher pressure, or the rev limit is lowered to aid this. Turbochargers lag at low RPM, but at high RPM, the turbocharger must flow so much air that the inlet air may become excessively hot and turbulent, so the redline is set below that point. People who modify engines may reach or exceed this point, and need a different type of turbo to get more power.
EDIT: Also, forced induction engines often need heavier pistons and connecting rods to handle the higher pressure of combustion, this also lowers redline.
Cylinder head port design is important. Large ports mean low torque at low RPM, but when the engine reaches high RPM, large amounts of power are produced. Small ports mean more low end torque, but at high RPM, the power quickly falls off. Advances in the shape of ports have enabled small port engines to flow like some large port engines, resulting in power gains across the entire curve. This is also why many 4 valve engines have a higher redline than 2 valve engines.
Cam design is extremely important. Low valve overlap is great for low end torque, but at high RPM the "Scavenging effect" where exhaust gas inertia causes the intake side to inhale more deeply ends. This is why high overlap cams are used in high RPM engines, and why extremely high lift cams in V8 engines have a unique sound.
VTEC and other technologies have helped to get around this.
Intake manifold designs are important. Long runners are great for low end torque, but at high RPM, they become a problem. GM TPI engines are an extreme example of this. At low RPM, those engines produced incredible low end torque at the time they were built. However, above 4500 RPM, HP quickly fell.
Variable intake manifolds have gotten around this.
