Yes and No. Adding more teams allows you to move teams up that you wouldn't if you are looking at less teams. There is an argument to be made that Alabama isn't a top 4 team and would be maybe 5th or 6th with Georgia or FSU taking the #4 or #5 spot.
I think FSU is the 4th best team but I wouldn't put them in a top 4 in a 4 team playoff structure. I would put Georgia, Alabama, Texas and Ohio State over them. With a top 12 team playoff the difference between 4-9 isn't as critical as all get in. In a 12 team field I think it goes 1. Michigan 2. Washington 3. FSU 4. Texas 5. Alabama 6. Georgia 7. Ohio State 8. Oregon 9. Missouri 10. Oklahoma 11. Mississippi 12. Penn State.