This is definitely a case of bad linguistics.
Without even cracking the nut of how many words are in either language,
* French tries to have an official authority while English does not. The academy is reluctant to admit new words, especially if they are borrowed, even when a word is otherwise in common use.
* English, like other Germanic languages, likes to compound words. French also compounds but it's not as productive. Very successful English compounds drop spaces or hyphenate and get inducted into the dictionary. Lexical procreation.
N.B. A word being in a dictionary is a matter of judgment, as a common word can be missing or a word that is almost never used can be present!
* Where a word is needed but absent, one will be invented or borrowed. Speakers are not constrained to be "creative" under the tyrrany of a limited lexicon from this time until the end of time.
* It's not clear that a limited lexicon would mean playing games with a concept as simple as "no". This seems strictly cultural.
* English may have, in some sense, 500k words but the vast majority of those are rare and not part of the principal vocabulary. And why would you think this is related to ways of expressing degrees between yes and no?
* Why should number of words be used to estimate the expressive power of a language?