Sure, but there's nothing stopping anybody from applying a larger quantity of either one. Applying a smaller amount of 5% might be more convenient for most people than applying a larger amount of 2%, but I have in fact seen people post occasionally that the state of their balding was such that they needed to apply MORE of a given solution, and they wondered if it was ok to do so.
What's interesting is that standard 2% Rogaine could conceivably be more effective than 5% Rogaine, because of the higher alcohol content in the vehicle (assuming, of course, that you apply enough to get the same amount of minoxidil).
Bryan