Correct, absolutely correct. However one offers considerably more leverage against the pedal
being more distant from the fulcrum.

Archimedes once said," Give me a place to stand, and I shall move the world," He was referring to leverage.
Think of your 170mm crank as the lever & the chainring as the fulcrum. Your pedal will be closer to a 39T
ring than a 24t ring. the further from that ring, (fulcrum), the more leverage you can exert. Basic physics.