If we are talking fast passage makers, a longer LWL will generally get there sooner and with its added weight might be more sea kindly too, but that does depend on wave form, hull form and sea conditions.
Another often over looked factor when larger yacts are taken off shore is the hand holds one needs in a seaway down below. Spacious cabins can mean no little to hold on to as you move about the cabin and that is just dangerous.
Higher freeboard tends to be a dryer boat as well, which is yet another comfort feature which correlates to a bigger yacht... and of course large means more stores which make passage making a bit easier.
But bigger means everything costs a lot more.. from line, to hardware, fuel, sails you name it... even bottom paint.
Many cruising passage making yachts are sailed by couples, older ones and so bigger yachts means bigger forces and this also becomes a limiting factor.
It's all about balance.
See ya there