Not quite. There's no reason to think that the variance decreases very much. You're still doubling your bet, and whether you win or lose, the average squared result, from betting twice as much, really doesn't change much, although it does a little because calculation of the variance involves subtracting the square of the average result (mean), which is positive, rather than almost zero. What changes more is the numerator, namely, the expectation. So SCORE increases because the numerator increases while the denominator remains more or less the same.
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