No, the amount of water in the reaction does not change the amount of product that is made, given the amount of starting substrate is the same and the reactions are allowed to go to completion.
If you have 10 molecules of starting material, which is enzymatically converted into 10 molecules of product material, as would be in the Catecholase enzyme reaction, this will be constant regardless of how much volume the reaction takes place in. In two separate reactions, one containing 10 ml and the other containing 100 ml, there will still be 10 molecules of product material once the reaction is complete. What's different is the concentration of product material, which will be 1 molecule/mL and 0.1 molecule/mL, respectively. If you are thinking about concentration, then there is in fact a lower concentration of product material when the reaction takes place in more water.
The rates of reaction will also be different. They will be slower for higher volumes. This is because it will take longer for the substrate and enzyme to "find" each other so the reaction can occur. If the volume of water is infinitely big, like 10 molecules of substrate in an ocean, then the rates would become infinitely slow, meaning it is unlikely you will ever find the molecules of product made from the reaction.