If you compare large bubbles and small bubbles using the same total amount of air, the smaller bubbles will actually move more water.
And there are a couple other factors. The longer the time that the bubble is in the filter housing or tube, the more air it moves, so if you can lower the point at which the air is released from the end of the airline into the water column, the more water it should move. Most box filters and sponge filters are already designed to put the air into the water column at its lowest point. However, Hydrosponges give you the option of adding another extension to the air line inside of the filter and the option of having a plastic tube extend above the filter, the longer both extensions are the more water will be moved by the air.
The other factor is the distribution of the air where or as it enters the water column. You can actually buy a device that sits on the top of a hydrosponge which is connected to the air line. It distributes the air by releasing it in a circle around the circumference of the water column coming out of the sponge filter. It works but I find it requires a lot more air than am willing to use on any one filter. A similar design was available at the recent PVAS convention and sold by Stephan Tanner with the tank dividing sponge filters. That device was connected to an air line and provided a blanket of air around the lift tube for the water. With a circle of holes in the lift tube, the water column was moved by a circular column of small bubbles. Comparison of the amount of water moved by the circular column of small bubbles and a single stream of bubbles from the same air line, showed a much higher flow from the circular column of bubbles.