True up until a point.
You can have a massive engine (VO2) and poor economy and run fast.
You can have a smaller engine and great economy and still run fast (example - Frank Shorter).
Your VO2 sets the upper limit of how much energy you can produce aerobically. In the context of distance running, your running economy and lactate threshold will dictate what percentage of that VO2 you can maintain. If you take a look at the work from Andy Jones (physiologist who has worked extensively with Paula Radcliffe and Eliud Kipchoge), you can see the calculations required to hit different running speeds as it pertains to capacity (VO2 max) and efficiency (energy cost of running at a set speed) and see how they are related.
From his paper on the Physiological Demands of Running at 2-hour marathon race pace:
"...a 59 kg athlete with a VO2peak of 4.5L/min (or 76mL/kg/min) and O2 cost of submaximal running of 191 mL/kg/km, would need to sustain 88% VO2peak to run a 2-h marathon. But, with the same O2 cost of 191 mL/kg/km and a higher VO2peak of 80 mL/kg/min, a 2-h marathon would require 84% VO2peak. Alternatively, for an athlete with a VO2peak of 76 mL/kg/min but a lower O2 cost of 180mL/kg/kmand therefore a VO2peak of running at 21.1 km/h of 3.8 L/min, a 2-h marathon would require 83% VO2peak."