Yes, well kind of.
The feeling you describe is just a result of having a smaller minimum angle reachable by the very slowest mouse movements. "Pixel ratio" describes the relationship between this minimum angle distance at screen centre in a 3D game world to the 2D pixel distance on the monitor at whatever resolution you have (therefore, the relationship is also a consequence of the configured FOV).
As resolutions increase though, it becomes a completely moot point. If we were all playing on 8k screens, we would all be pixel skipping most likely, but it doesn't mean we wouldn't have sufficient angle granularity to aim accurately at targets in a game, which is the only important factor.
I would say ever since resolutions went to even 1080p, it is no longer important in any practical sense.
The configured DPI cannot change the minimum angle. It just describes what mouse distance sends a count of 1 to the operating system. 400 DPI means you have to move the mouse 1/400th of an inch to send a count of 1. Obviously, if you cram in more counts in less space with a higher DPI, it has the effect of increasing the output distance for any given mouse movement, but the actual sensitivity (that is, the ratio of output / input in the game) doesn't ever change.