It could be debated. We typically all use 3" cone filters, yet the intake snorkel on the stock airbox is larger then 3". So where is the restriction? Also, you only suck in outside cool air, always a plus.
The problem with the stock airbox is the K&N filter that most people use. The black rubber middle portion takes up half of the flow area and restricts maximum possible flow.
If you use a flat panel filter like HKS, TOMS, etc, you won't have this problem.
For what it is worth, I did 2 different runs in the 1/8th mile, one with open cone filter and one with stock intake. I picked up .3 secs with the stock intake on the 2nd run, because I was not getting heat soak any longer.