No, they really don't. I'm in the film industry and have a lot of experience with diesel generators. First, engines are sized to alternators specifically so that they never have to run at 100% to max out the alternator. Second, they have to run at a constant 1800 rpm (or 3600 rpm in the case of gas portables) so they never do reach the engines true maximum HP. Third nobody I know purposely runs a generator continuously at the max rated load for very long. The results are as you might imagine. Lots of over heating and shut downs.
The smart electrician plans his loads to be about, you guessed it, 75% of max rated. The engines in generator sets generally are pretty lightly loaded and as a result, they last a long, long time with proper oil changes intervals. Generator sets aren't concerned with weight one iota, so they pair big engine with small alternator for long life.