It can
What it generally does is restore the original Hp that has slowly dropped off.
What it will do is up the torque.
Got a couple of old 500cc motorcycles that I removed the sleeve & run big pistons directly on the iron cylinder .
Don't go 1 mph faster but does have a tone more grunt so uses a lot less fuel despite one of them going from 500 cc to 720 cc
Welding & profiling the head did push up the Hp particularly as one engine went form 5.7 : 1 to 7.3:1
No use trying for CR's much greater than 7:1 on a side banger because all you do is burn the bridge region of the barrel .