Conventional wisdom was that the smaller fully loaded boiler will be more efficient. However that assumed non modulating boilers. It also assumed no pump run on. So each time the boiler cycled, the (considerable) residual heat in the large lump iron HE would be left to waft out of the flue.
With a modern boiler it will load match much based on the actual demand (if it has a decent modulation range - not so true for oil boilers), and the pump run on should at least dump the residual heat into the heating system (and newer boilers typically having lighter HEs there is less of it anyway)