Yes, the 427 is significantly dominant over the period Ford offered 428, in the truest sense of the OP's question. One was a race engine and the other a T-bird or station wagon engine.
Having said that, the potential now is very similar. The 427 having better higher rpm potential built into it initially.
Many current part updates to critical components such as valve springs, camshaft profiles and bottom end components currently really make it neck and neck now and if we are talking about drag racing it may just depend on the drivers in competition as to the winner?