I think this is true to an extent, but the discussion so far seems to have skipped over the switch to brushless motors, which significantly changes the above understanding. Brushless motors are driven by power converters which vary the voltage to the motor (essentially small "VFDs" inside your tools). Higher I2R losses between the battery and power converter would seem to be negligible (where the distance travelled is inches, compared to an EV where it might be tens of feet).
I suspect the higher power tool voltages are some combination of marketing hype and optimization with available power converter technology (e.g. voltage ratings on transistors).