Yeah. Normally, you would want to rack it over before it's totally fermented so it will release some co2 and purge the o2 out. Just like the bottling bucket you don't want to splash the beer at all. Rack it over, and yeah, the less headspace the better.
If it's totally fermented (terminal) you would want to purge the air out if you wanted to be perfect.
If it's totally fermented (terminal) you would want to purge the air out if you wanted to be perfect.