Yes it is, and I might not have used the term 100% correctly. What I'm referring to is the starting torque available at zero RPM. Think about breaking loose a stuck bolt with a breaker bar, or trying to start an airplane engine by pulling down on the end of the propeller. Maybe a better term would be starting torque, or "locked rotor torque."
Once the motor is turning, reduction gears in any form will multiply RPMs and rotating torque. But breaking away from a stall condition (such as starting a long train with the slack stretched) is easier and more gradual with a larger worm wheel because of that long lever arm. (It's also easier with ANY typical worm gear compared to spur gears, because the torque required is a function of the tangent(?) of the lead angle of the worm. Sorry, I'm a little rusty with this stuff!!
That first power pulse (i.e., the attraction of one pole of the armature) produces a fractional revolution of the motor shaft, which in turn picks up a fraction of a tooth on the worm wheel. The effort required to overcome a locked rotor condition isn't only determined by the gear ratio. The size of the worm wheel and the lead angle of the worm are also important. Someday I would love to do an experiment comparing the Lionel 773, an MTH Premier Hudson, and a similarly-geared 3rd Rail steam loco to demonstrate the subtle effects of these design factors. Some people don't like seeing a big, clunky gearbox above the drivers. But for smooth, efficient operation my pick of that trio would be the 773! For now, I just hope Lionel sorts out its materials and quality issues before the "soft" worm gears Vernon found in the P.E. Berk end up in the new 675!!