That's the old conundrum - comfort vs performance....
Would a larger sidewall (by going with a smaller diameter wheel) get you more "bounce-sulation" - yes. Because (when aired down properly), there is more flex in the sidewall which will absorb more impact before it gets to the suspension bits. So you'd get a bit more perceived comfort....
But the trade-off may be your on-road comfort, handling and fuel economy.
As mentioned by Dad ^^^ above, struts, springs and suspension updates would be able to provide a better off-road ride, but with some of the same caveats - loss in handing and fuel economy and possibly other performance metrics.