The problem is single stage pumps are rated at 40 and 90 PSI, but tanks fill up to 120, 135, or 150 PSI. Single stage pump output drops 20-30% after about 110 PSI. And most powerful air tools require the regulator to be set over 110 PSI to account for pressure drop through regulators, long hoses, and couplers. In industrial and commercial settings single stage pumps are relegated to fire sprinkler and climate control systems. Dual stage pumps are for shop air, and are rated at 175 PSI. They do not slow down much at all 0-175 PSI.
Yes, no and maybe is the answer. To put it simply a singe stage pump will have more Displacement that a 2 stage pump at the same HP. This increase in displacement increases the load on the motor so you are limited to a lower pressure but you can move more air and have a higher CFM below 120 psi or so. To put is simply if you need a high volume of continuous air for a blasting cabinet a singe stage will out perform a 2 stage is some cases. If you need short burst of high volume air you will get less cycling out of a 2 stage.
quick example from memory. Comparing the Ingrosoll rand SS5 and TS5 pumps, Both 5 HP both same price range. The SS5 will supply 18.1 cfm at 90 while the TS5 will supply 14.5cfm at 90. The SS5 is 140psi the TS5 is 175. Typically the SS5 is shipped with a 80 gallon tank where the TS5 is shipped with a 60. So comparing the two compressors the SS5 will supply 25% more air when you need it but might cycle more often. It takes until 120+ psi for the 2 stage pump to catch the singe stage pump.
So from the above example a singe stage will walk circles around a 2 stage for a blasting cabinet. Lets say you are using the standard 15 cfm nozzle the single stage will never drop below 90 psi so you will never notice any pressure loss. The 2 stage will because you are using more air than you are supplying and once the pump cuts on you are working well below the PSI the two stage is more efficient and the single stage can supply more air.
If you need 110psi at your regulator there is some bad engineering of the piping system. 10PSI drop at max cfm is considered the standard. But you work with the hand your dealt sometimes and if you are working with an existing system you do what you have to.
This is just one example but it depends on your needs and price range. really what i would do is if you need more than 15cfm just get a 7.5 hp 2 stage and you will be good.