With the same material, yes. More pleats (and/or deeper pleats) give you more surface area to flow the same amount of air over.
That is why this deep return air filter intrigued me.
I have used some of the high efficiency normal size filters, and I can hear a difference vs the green filters (I remember when they used to be blue).
I also found they tended to get dirty much faster, making airflow even worse.
Now I know a 4-5" deep filter will not give me 4-5x the filtering area over a 1 inch, but it will greatly increase it.
My unknown is will I realize a difference using a $35 filter vs a $3 filter. I don't know, but am willing to give it a go.
I wish I had a way to test airflow (I know there are tools out there for it, but I am not buying one), but think I may be able to tell just by sound how well it is flowing (I may pull my electrostatic filter down as well and see how that sounds).