In a "normal operating range," yes.. but as you get to the design limits and beyond, it is the current that makes a board melt, not a watt.

For example - properly insulated, you could push 40,000V at 1A through a thin wire, getting 40,000W in the circuit, and the wire would live.
But if you reduce to 1V and tried to get 40,000A through that same wire, the wire wouldn't live.

That's why power distribution lines run at a very high voltage, to keep the current within the wire's limits. Hope that helps.