This study aimed to: (i) analyze the variations in psychophysiological demands (mean heart rate, meanHR; rate of perceived exertion, RPE) and technical performance (umber of successful and unsuccessful passes, and occurrences of ball loss) between 2v2 and 4v4 small-sided games (SSGs) formats, and (ii) examine the relationships of aerobic capacity measured in Yo-Yo Intermittent Recovery Test (YYIRT) on psychophysiological and technical performance during SSGs. This study used a cross-sectional design with repeated measures, where the same players participated in both 2v2 and 4v4 formats across two training sessions per format. Twenty-four talent/developmental male youth soccer players, aged 16.6 ± 0.5 years. The meanHR, measured through heart rate sensors, the RPE, assessed using the CR6-20 scale, and the number of successful and unsuccessful passes, along with occurrences of ball loss, recorded using an ad hoc observational tool, were evaluated in each repetition. Players during the 2v2 format had significantly greater mean HR (+4.1%; p < 0.001; d = 2.258), RPE (+12.2%; p < 0.001; d = 2.258), successful passes (+22.2%; p = 0.006; d = 0.884), unsuccessful passes (+62.5%; p < 0.001; d = 1.197) and lost balls (+111.1%; p < 0.001; d = 2.085) than 4v4 format. The YYIRT was significantly and largely correlated with unsuccessful passes (r = 0.502; p = 0.012) and lost balls (r = 0.421; p = 0.041) in 2v2 format. In conclusion, this study suggests that engaging in 2v2 activities constitutes a more intense form of practice, significantly enhancing individual participation in technical aspects. Moreover, aerobic capacity may influence the smaller formats of play and how players perform key technical actions. Therefore, coaches must consider this to ensure the necessary performance in such games.