I wonder if anyone has done this test and checked which focal length gives the same viewfinder magnification in a FF camera of objects seen with the naked eye.
As I said above, with everything else being equal, the image window appears dimensionally larger in the 24x36mm camera.
The magnification factor given in camera specifications is actually supposed to be a comparison of the objects as they would be seen by the naked eye. If a camera touted a 1:1 or 1x viewfinder magnification, that would mean "compared to the naked eye."
The variable they play with, however, is the focal length of the lens being used in the specification, and that is where DSLR manufacturers play it fast and loose by specifying a 50mm lens.
Since the beginning of SLR marketing, back in the late 30s, the primary marketing aspect of SLRs versus rangefinder cameras was a "big, bright, life-size image." But that was actually difficult and expensive to achieve, and not many cameras ever did. But it was always the case that you specified viewfinder magnification with the "normal" lens, and the "normal" lens is considered the focal length equal to the diagonal of the format.
You can alter the viewfinder magnification by either the focal length of the lens or the magnification of the eyepiece. But there is no free lunch--if you increase the magnification of the eyepiece, you dramatically decrease the brightness of the image.
That's the primary reason there was quite a bit of variation of "normal" up through the 60s--from 45mm (technically, it should be 43mm) to 58mm as manufacturers tried to get to 1x magnification without increasing the viewfinder eyepiece too much (that and the fact that it's a bit easier to design a slightly longer lens to be a bit faster).
But--and here is the important thing--the specification of viewfinder magnification was always with a lens at least nominally close to the diagonal of the image format. Obviously, if the manufacturer specified 1x magnification using a telephoto lens, that would be cheating.
Then came 15x22mm DSLRs using the same lenses as 24x36mm cameras. That--and the ubiquitousness of "standard zooms" allowed manufacturers to introduce a high level of confusion into their marketing. The concept of "normal lens" was lost to most newcomers--they didn't know what the standard measuring point was.
In actually, the "normal" lens for the 15x22mm format is about 28mm.
But given the opportunity to confuse newcomers, manufacturers quoted the viewfinder magnification of their new 15x22mm cameras with the same 50mm lens as their 24x36mm cameras...even though a 50mm lens is a telephoto on a 15x22mm camera.
Thus, even though a 50D may be advertised as having a much higher viewfinder magnification than a 5D, if you hold each up to your eyes with a 50mm attached, the subject in the 5D viewfinder is still clearly larger and clearly closer to life-sized.
If you put a 28mm lens--the "normal" lens--on that 50D, you see a true comparison. The FOV will be equal to that of a 50mm lens on the 5D, and the size of the 5D image window will still be much greater.
The subject or the image is always larger by every definition in the 5D viewfinder, given equal focal lengths or using the "normal" lens on both cameras.