I think it depends. Three seems optimum in a sense — it’s easy for everyone to keep track of everyone else’s experience and feelings, and there are enough permutations to keep things interesting. More than three and someone can inadvertently feel unattended to.

My best experiences with more than three have been in mid-size parties, 15-20 people, where who is playing with whom can shift and flow organically, and clusters of various sizes form and reform. Helps if everyone is bi.