Would larger SSD Storage make the MBP faster? For example, if I buy 1 TB SSD storage vs the 512 GB SSD Storage, and everything else (processor, memory, etc) is same would the MBP run faster?
Generally no. The SSD only affects saving and loading data to disk (technically not a disk... *ahem*) Any time your system is doing something other than saving or loading data to disk you won't feel a difference.
Even the smallest SSD available would make any light workload perform virtually just as fast, such as most people use their laptops for. Web browsing, word processing, maybe some image processing, copying some files now and then, listening to music - stuff of that sort. These types of operations aren't intense enough to seriously stress a high quality SSD, so you notice no difference. If there's any difference at all you'd need a good stopwatch to measure it - certainly not anything you could detect in day to day use.
Only if you do heavy disk operations - SQL database, lots of file serving, and so on would you genuinely notice if there's a performance difference in the SSDs in various macbooks.
As far as I've seen nobody has actually compared different size of SSD 2018 model year MBPs, or at least not in a controlled, repeatable fashion, so what speed differences exist is unknown - to me anyway...