Yes. A more detail explaination, is that, its up to developers to use the optimum settings (Resolution, AA, scaler, etc) that give the best results. This is not unlike how you would do it with your PC games. Only difference is that the settings are locked for console, so you cannot change them.
The amount of pixel display is proportionally close (slightly lower) to the performance need to drive it. Loosely speaking, if it takes 1 sec to render a 1million pixels image, it will take slightly under 2 sec to render a 2 million pixels image. Just to give an idea about the relationship.
Its the same idea with fps. With all things equal, if my PC run the game at 40fps, & my friend's 80fps, I can make an educational deduction that his rig is almost 2X more powerful than mine. Maybe in reality its only 1.5 x or 1.7x faster only, but definately not 10-15% only.
Not exact maths, but these are a quick rule of thumbs.
