What is often not realised is that although the drag or air resistance force is proportional to velocity squared, the power required to overcome it is actually proportional to velocity cubed. Doubling speed increases drag by 8 times, which is why even small increases in top end speed need so much extra power.
Absolutely right.
I have two small Honda motorbikes, both in great mechanical condition and properly set up.
One is a CG125 with ten horse power and it has a realistic top speed of 60 miles an hour on the flat on a calm day.
I also have a Honda 250 twin with 20 hp and that can get to about 70 mph in the same conditions.
So 100% more power gives about a 16% increase in top speed. Both of these bikes might eventually get a little bit more speed if you sat there with the throttle wide open for long enough, but not by very much, and as like as not if they did get any faster, it would be because the road was running down hill by then.