My thought is that the increased size would create a space for the ring gear to push the oil so that there was less oil on the gears. The metal one, on a GM, is made to direct the flow of oil back to the bearings on the side of the gear housing (or whatever it is called).
I have had discussions with axle engineers (Dana and AAM) about this and there is something to your comment. The proximity of the cover to the ring gear does direct the oil flow to an extent, both for cooling and lubrication. Certain GM covers (notably the 8.8 (12-bolt) and certain 8.25 10 bolts have a specially designed cover that directs oil flow to the carrier bearings for the reason you describe.
All that said, the Mag-Hytec cover does reduce oil temp by 15 degrees and the man that designed it claims that he counters the possibility of any lack of lube by raising the oil level in the housing a little. Yes, I raised an eyebrow too but having run two covers on two trucks for about seven years, I can say that it's all worked pretty much as Mag-Hytec claimed.