Sure.
One of the advantages of large areas is that they do encompass more species, just by virtue of the area being larger, so you're going to be protecting more spaces, more species, and more types of habitats. You're also going to be protecting more of the continuity and the connectivity within that particular area because it is large.
I should add, though, that in many countries, even very small, fully protected areas have been shown to be quite effective. For some particular habitats, actually, those small areas, even though they might be more of a challenge to enforce if you had many of them, can also be effective ecologically.