It does perceptually, not intellectually. Obviously anyone can see that it's offset, but the perception is still smaller than it actually is. There's no easy marker to re-align and try to make a better estimate.
Let's take a step back though- why are the phones in this image offset at all? Apple made the image, it's explicitly for a size comparison, so why make it harder to comprehend?
You're right – the iPhone 11 is larger than I understood. I haven't bought a phone since the SE so my Apple info is a little rusty. But for the other phones I mentioned, it's quite similar.
See https://www.apple.com/iphone-se/specs/ for a comparison. It's at least a quarter smaller in both dimensions.