The larger sensor does make your "reach" shorter to obtain a given crop at a given distance to your subject, but the multiplication factor depends on your history as an camera user.
Remember that the whole idea of a multiplication factor was to provide a visualization tool for folks who had spent years with 35mm SLR cameras. For someone going from 35mm to DX, the 1.5X factor is a useful visualization tool. But there's a generation who have only DSLR experience with DX (APS-C) format so they'll need to use a .75X factor to visualize how their 200mm lens will work on an FX body. For them 200mm will look like 150mm.
But 200mm is always 200mm, it's just a matter of how big the format is behind it.