As far as I know, no. I usually use whatever size I have on hand and my spells/rituals turn out just fine. If you use a candle for protection, I would only use it in other protection spells just because that is the purpose you blessed and charged it for.
Also, like with most magical tools, you don't need to use candles in rituals or spells. Tools are, more or less, used to help yo better focus on the goal or intent you have for your spell or ritual. If you feel you need them then use them, if you don't then don't use them. The choice is entirely up to you.
I hope this was helpful.