Yes. I am living in a small country (Czechia). Tech products that cannot be internationalized easily, such as software tailored to uses of local legal system, are very visibly underinvested/underdeveloped. A country of ten million just isn't a very attractive market for such niche products.
On the other hand, Czech antivirus business exploded with the advent of the Internet. Everyone and their dog needed some kind of protection against malware.
If our population was halved, the cost of developing new cpu, new software or a new technology would stay the same, but the benefit would be halved, and therefore less of these things would be developed.