If that were true, dynos would produce the best result in 1st gear, but they produce their best result in the 1:1 gear.
HP = Torque(ft-lbs) x rpm /5252 - you see higher torque but not higher whp with higher ratio gearing on a dyno and can actually lose a bit due to inertial losses in the engine. You're increasing the wheel torque, but decreasing the wheel rpm for a given engine rpm and specific point on that power curve.
Yes you will
accelerate from 0-x faster assuming you're not losing time with gear shifts, but the gearing only benefits when it is usable for your application.
I'm on a 65mph 2 lane highway and come up on an RV lumbering along at 45mph with oncoming traffic, and I want to pass, I have to start my pull at 45mph. Generally to pass successfully in a short window on our busy CO mountain highways, you're going to hit about 80-85mph as you're merging back into your lane.
I have 4.56 gears with an NV3550 and 32.6" actual diameter tires.

If I'm in 4th gear I'll start the pull at 2115rpm, the engine is at about 180 ft-lbs and 75hp. It will finish the pull at 3760rpm at about 230 ft-lbs and 165hp.
If I'm in 3rd gear I'll start the pull at a more favorable 2940rpm nearing about 235 ft-lbs torque and 135hp but I'll hit max hp at 4500rpm at 70mph before completing the pass and have to shift to 4th or roll past the peak HP to redline at 5200, losing some acceleration either way.
Changing to 4.88 gears helps the case for the 4th gear acceleration (2263rpm-4024rpm) or (200ft-lbs/80hp - 225ft-lbs/175hp), but makes the 3rd gear scenario worse because you roll past 4500rpm at only 65mph and will definitely need to shift mid-pass.
The fastest accelerating scenario for this pass with my tire size is actually 3rd gear in a Rubicon's stock 4.10 ratio as you enter at 2645rpm, higher than the 4.88 in 4th and exit the pass in the same gear at 4700rpm just beyond peak hp. And in THAT specific scenario - the CAI/Windstar actually does provide a tangible benefit.
For alot of other drivability reasons the higher ratio gears are better all around with the 4.0L and I'm not suggesting otherwise, but we have 3, 4, 5 or 6 gears as a system.
In EEs example it added .015g or 4.8% avg to 2nd gear acceleration and the times were faster. Forced induction, stroker or V-8 adding 100 ft-lbs+ everywhere on that curve is going to produce a fundamentally different level of acceleration.