I've had mixed results. Some have worked quite sufficiently in 3mx3m especially the wave shooter type games. There is a tech demo "Shattered Lights" which does a really good job of cheating to give the impression of more space.
Against that though even some very simple titles can hit limits. The VR art gallery has Michaelangelo's David and I can't do something as simple as walk round it. I have to teleport because even that takes up too much room.
So yes, 3mx3m allows some room scale, but I don't think it's sufficient to unlock the full potential.