It's not a problem of the power getting to the ground, it's a question of how usable the power is. Lets compare two similar vehicles, a 700hp modified 03 Cobra vs. a 700hp modified 94 Supra. The 03 Cobra has 500+ lb/ft of torque from 2000rpm, vs the 100+ lb/ft of torque for the Supra. While the Supra certainly has peak torque that is respectable, the torque curve is not very conductive to an actual drag race. You have to launch at very high RPMs in order to have enough torque to keep up, but because of this, if you screw up the launch, you will be in a serious hole, as the engine has such a severely limited power band.
The Cobra, on the other hand, can be launched at a lower RPM and still have enough power to rip out of the hole. Because of the wider power band, it will have a much faster 1/4 mile time, quite likely in the low 10's or high 9's. The Supra, with the same peak numbers, will be in the high to mid 10's. I could dig up time slips and dyno sheets if you really want, but I don't feel like doing that right now.