You "get a small rank fish you get less fish meat", though if you "get a high ranking fish you get more fish meat".
That's how I see it when I fish in Valheim.

However I think the jumping fish in shores is too cheap and I caught a Tuna before the update force then to spawn in the Ocean which was a Level 3 Tuna. Heck you can make a raft and hope a stupid fish jumps right on it and quickly grab it what a sucker fish indeed.