Theoretically, yes. In reality, no. I have a 2000-follow account and a 200-follow account, both with the filter, and nearly-identical feeds.

It is the old adage, at work:
The people you know, know more people than you do.
So, adding more people adds surprisingly little because of the tendency for everyone to follow a subset of people.

There are a few big islands, often separated by language, but the focus within each island is on a subset of 10% or so.