Most of the dissipation of the devices (well SMD at least) goes into the board. Also with air, the air moves so conductivity doesnt really matter that much, while the airflow does. I wouldn't be surprised, if you are not using special potting for thermal management, you actually have to derate the component.
Think about the whales vs human. Whales have bigger body and more surface, but if you drop both of them into ice cold weter, the human will die, because the core temperature will quickly drop.