In MathML the size reduction of \begin{smallmatrix} compared to \begin{matrix} is only about 75%. In the SVG mode its more like 65% and in PNG mode its close to 50%. It looks like the font size is not decreased at all, whereas in other modes a smaller font is used.
Ideally a greater size is desirable.
In https://en.wikipedia.org/wiki/E8_%28mathematics%29 some quite large matrices which don't need a large font size are used.
In https://en.wikipedia.org/wiki/Hecke_operator a 2 by 2 smallmatix is used as the lower limit in a summation and a much smaller matrix would be preferable.
There are about 400 instances of smallmatrix used in the English wikipedia.





