Yup. It's all about how you apply it. An axial 1/4W is probably a good match to 100 ohm transmission line over a ground plane, which is fine for thinner traces on a PCB, but not necessarily as practical for 50 ohm or other stuff. A resistor floating in space (on some elevation, or suspended between terminal strips perhaps) can be even higher, which would be handy for, say, old Tek stuff which typically used ~1kohm system impedances (tube tech, at high voltages, for driving deflection plates). High impedance, of course, is associated with inductivity against lower impedances, hence the 'rule of thumb'.
If you had really low impedance (e.g., some resistors in an attenuator, anything with a generally low system impedance -- very fast switching converters come to mind), larger, and sideways, resistors (e.g., 1218 vs. 1812) might be better.
Tim