Is the 383 a better engine, or does the 440 just have more displacement?

I think a 383 can Rev higher because the stock head flow of the typical iron head is a flow restriction on a 440. Reving higher means more hp/cu.in., but the 383 gives away over fifty inches. That's torque, and if both make a horsepower per inch, that's fifty easy horsepower.
Engine masters compared a 367"small Chevy that made 500hp, to a 454 that also made 500 hp. The 454 won EVERYWHERE, more torque midrange, milder street livable cam, less money to make the power, etc. Same can be applied to a small big block verses a big big block.