The vote-weight of an individual magnitude is higher than the vote-weight of an individual GRC, yes. This is because there is 115,000 total magnitude and over 400,000,000 GRC. So each magnitude is multiplied by a number to make the total magnitude vote-weight 1/5.67 of the total GRC.

This is the part of the equation that does that:

(MoneySupply/TotalNetworkMagnitude + 0.01)/5.67))

The total vote-weight in the network is heavily weighted in favor of GRC at a ratio of 5.67:1.

So if all the whole network's total vote-weight voted, and all the magnitude voted one way and all the GRC voted another, the GRC would win 400,000,000 to 70,000,000.