Well the extra wood probably doesn't help but I'm not sure that it hurts much. From everything that I've learned and understand the vast majority of the sound comes from below the sound hole, the lower bout that is. Think of the sound board as being a speaker diaphragm which includes all the area below the lower sound hole brace. I build a dual sound hole uke which allows the sound holes to be located higher, therefore the lower sound hole brace is higher, in effect creating a larger "diaphragm". I know it is louder than my single hole models however I can't say conclusively that this is the reason why. Some guitar builders I know will go to extreme measures to make the backs, sides and upper bouts very stiff in order to transmit all of the resonance to the lower bout. The point is, it's the lower bout that creates most of the sound you are getting. The upper bout needs to be so stiffly braced to prevent any sound board distortion from the tension of the strings it hardly vibrates at all if any. That also explains why there is very little, if any, tonal difference between a cutaway and non-cutaway of the same size and model ukulele. Another similar example is James Hill's G-String with the "pick guards" on either side of the sound hole, he's got almost the same thing going on.
Sound aside, I think it's a hideous ukulele but I'd love to have it anyway! Nice case.