Not trying to be personally critical, 273, so please don't take this to heart as an insult; just trying to work this out. The above is a false argument; the only thing that this says is that the example 340 and 440 engines are equally efficient at the same airflow, which is the case since you picked the flows and power per ci to be equal. It is a meaningless argument as to the effect of displacement.
Real world, the airflow will not be equal at all; we work to make the airflow adequate to support the cubes. So torque/HP output will not be equal vs cubes. A quick look at BB vs SB port flows will tell the story.
Can't agree on the thought that considerations of torque are not important. In some racing forms, it is a far, far better measure of overall performance than peak HP. Peak HP for 4 stoke engines like we typically build here is a convenient and direct indicator of 1/4 mile performance, so is useful as a measure of performance in the drag race world.