To a certain point, maybe
The problem is.
Faster cache=smaller cache
Bigger cache=slower cache
Thats why there is l1,l2,l3 cache
The cache is also related to cpu performance.
Giving super large/fast to a crappy core will still give crappy performance. The other way is also true
Thus, i believe the size of cache is optimized for the cpu. without bottleneck on both side.
So larger cache cpu generally relates to stronger core., but to conclude, i do believe increasing cache will improve performance untill one side caps