I only think about total water volume for medecine really. Even with supplements you're just using it as a ballpark estimate to guess how much X you'll need to raise your level Y ppm, you're still going to test the actual numbers. But it's important to know if you ever have to treat the tank for something, and I reeeeally wish I had kept track of how much water it took to fill my system the first time. It would've been so easy and I'd know for sure.
For equipment it depends. Skimmer tank size ratings are trying to guess how much poop is in the water, so they'll say "heavy bioload 40 gallons" meaning something like 10 big-pooping fish, a crowded tank.
For fish, minimum tank sizes are about several factors: personal space, room to swim, opportunity to forage food, and more. A standard 120 is 4 feet long, a fish that needs that much tank might need the length for exercise, or the 120 gallons of space to not feel cramped.
So it matters what you're using the tank size for