Yes, the amount of air in a balloon does affect its volume. The volume of a balloon is determined by the amount of air or gas it contains. When you add more air to a balloon, the volume increases and the balloon expands. Conversely, if you release air from the balloon, the volume decreases and the balloon shrinks.
The relationship between the amount of air and the volume of a balloon is governed by Boyle's Law, which states that at a constant temperature, the volume of a gas is inversely proportional to its pressure. When you blow air into a balloon, you increase the pressure inside, causing the balloon to expand until the pressure inside matches the pressure outside. If you release air from the balloon, the pressure decreases, and the balloon's volume decreases accordingly.
It's important to note that other factors, such as the elasticity and material of the balloon, can also influence its behavior. However, the amount of air or gas inside the balloon remains a significant factor in determining its volume.