Well, I mean, that sure reads to me to be what the game text says.
Definitive Edition, p.26:
Every three points of Size represents a ten-fold increase or decrease in mass, and adult humans can range from Size -2 to Size +2, if they take appropriate Virtues or Flaws.
Definitive Edition, p.427:
Each Size category is approximately twice as heavy as the previous size category. A 1-point difference in Size doubles the weight, 2 points multiplies it by five, and a 3-point increase in Size entails a ten-fold increase in mass.
And the p.427 table's four headings are "Size", "Height", "Weight", and "Example".
Now, there's more text on p.427 about birds being bigger than their weight would result in, which suggests weight is implicitly being used as a proxy for volume, since when density is approximately equal, the ratio of weights will give you the approximate ratio of volumes.
If we do treat Size as a matter of a single linear dimension ("height") instead of mass or volume, well, hearts, shape-wise, tend to more closely approximate a sphere in shape than the human body does. The result is that the "height" of a heart that weighs 120 lbs.is going to be shorter than a human who weighs 120 lbs.(assuming, again, approximately similar density).
To calculate instead of approximate, the change in linear dimension per increase in Size is about ×1.3. 1.3 to the 7th power is a bit under 6.3. A quick Googling says a typical human heart's longest dimension is about 12 cm. If a Size +7 giant's heart is 6.3 times larger in linear dimensions than a Size 0 human's heart, that works out to about 75 centimeters in "height", or 2.5 feet/30 inches, which looking up on the table is Size -3. That's a lot shorter than a 120 lbs.. human, isn't it?
To calculate alternatively? Since Size is multiplicative, the Size table is a logarithmic table (to its own particular bases, one for height and another for weight), and you can add on log tables to multiply. So we can look up a human heart's Size on the table and add seven, and, assuming the giant has the same proportions as a human get the Size of the heart of a Size +7 giant.
Well, by weight, 0.6 pounds is Size -7 by the table, and adding 7 to -7 is Size 0 -- and the calculated 120 lbs. is in Size 0's 100-215 lbs. range. At the same time, 12 cm is about 4.7 inches, which is Size -10. Adding 7 to that, we get Size -3 -- and the calculated 2.5 feet/30 inches is in Size -3's 21-32" height range.
All in all, it seems pretty clear to me that a Size +7 giant's heart is going to be smaller than a base Individual of Corpus (up to 8 feet in height, or 465 lbs. in weight), unless the giant's heart:body ratio is radically disproportionate to the adult human human heart:body ratio.