It's gearing as well. An nearly idling v8 can keep the car moving 65 mph in 5th or 6th gear with most likely use less gas relatively than a 4 cylinder running at 3000-3500 rpm to do the same.
If the bore and stroke is the same (it never is) then a v8 would consumer the same amount of gas as a 4 cylinder running at twice the rpm. So a 2.5 liter 4 cylinder driven at 3500 rpm would consume the same gas as a 5.0 v8 running at 1750 rpm
Having driven lots of v8 cars. If you can keep at the speed to run at 1750 rpm in 5th gear you could get good mpg