It will make a huge difference depending on what type of fly line you put on after the backing. A floating double taper (very thick) will take up WAY more space than a thin full sinking line. I actually use 7/8 reels to hold my double taper 6wt floating lines plus the backing.
Weight forward floating lines take up much less space than double taper lines, and therefore you can hold a lot more backing behind them.
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