Neither... circuitikz
is designed to make schematics, not for drawing PCB nor serigraphy for PCB.
So the real size is not important, because you use the same schematic for, say, a through-hole mounting or a SMD one which are physically very different. The fact that the chip symbol seems like a physical one is just a coincidence... Thinks logic ports, transistors or whatever.
Other tools, like KiCad, solve that problem (and will let you show the board in 3D!) . In circuitikz
, by design, the default size of every component, not only chips, is basically arbitrary. Chips are designed so they play well with logic ports, nothing more.
Anyway, if you want to see how the chip sizes can be manipulated, there is something here: Placing CircuiTikZ components aligned with respect to their pins and here: Alignment of DIP chips in CircuiTikZ
For example, if you want 0.1 inches between pins, 0.4 inches width, you can just change the basic length and adjust the parameter (manual, section 3.27.1 today, around page 135, "DIP and QFP customization"; also 3.1.4.1, around page 27, "Component size" for a definition of the basic length), you can do this --- no need to use strange numbers of strange asymmetric scales:
\documentclass[border=10pt]{standalone}
\usepackage[siunitx, RPvoltages]{circuitikz}
% set the basic length to 0.5in (1 in is very big, but could work)
% SET THIS ONCE and only in the preamble.
\ctikzset{bipoles/length=0.5in}
% pin spacing is in basic lengths, see manual, section 3.27.1, around page 135
\ctikzset{multipoles/dipchip/pin spacing=0.2} %0.1in
\ctikzset{multipoles/external pins width=0.2} %0.1in
\ctikzset{multipoles/dipchip/width=0.8} %0.4in
\ctikzset{multipoles/dipchip/width=0.8} %0.4in
\ctikzset{multipoles/external pad fraction=4} %draw the pad
\begin{document}
% work with units of pin distance
\begin{circuitikz}[x=0.1in, y=0.1in]
\draw [cyan, ultra thin](0,0) grid[step=0.1in] (10,10);
\foreach \x in {0,2,...,9} \node[below, font=\tiny, inner sep=1pt] at(\x,0) {.\x};
\node[below, font=\tiny, inner sep=1pt] at(10,0) {1$\,$in};
\path (2,9) node[dipchip, anchor=pin 1, num pins=16]{\rotatebox{90}{DIP}};
\end{circuitikz}
\end{document}
If you want an even less schematic, and more "positioning" style diagram, you probably would prefer to put the "pads" on the coordinates; just a bit of changes gives you this:
\documentclass[border=10pt]{standalone}
\usepackage[siunitx, RPvoltages]{circuitikz}
% set the basic length to 0.5in (1 in is very big, but could work)
% SET THIS ONCE and only in the preamble.
\ctikzset{bipoles/length=0.5in}
% pin spacing is in basic lengths, see manual, section 3.27.1, around page 135
\ctikzset{multipoles/dipchip/pin spacing=0.2} %0.1in
\ctikzset{multipoles/external pins width=0.1} %0.05in
\ctikzset{multipoles/dipchip/width=0.8} %0.4in
\ctikzset{multipoles/dipchip/width=0.7} %0.35in body + 2*0.025in half pads
\ctikzset{multipoles/external pad fraction=4} %draw the pad
\begin{document}
% work with units of pin distance
\begin{circuitikz}[x=0.1in, y=0.1in]
\draw [cyan, ultra thin](0,0) grid[step=0.1in] (10,10);
\foreach \x in {0,2,...,9} \node[below, font=\tiny, inner sep=1pt] at(\x,0) {.\x};
\node[below, font=\tiny, inner sep=1pt] at(10,0) {1$\,$in};
% notice that the anchor is at the border of the pad, you have to shift half pad to place it in the center of the grid
\path (1.75,9) node[dipchip, anchor=pin 1, num pins=16, hide numbers]{\tiny\rotatebox{90}{DIP}};
\end{circuitikz}
\end{document}
Now, if this coincides with the real size of the chip, depends also on how precise is your printer and all the LaTeX transformations to obtain a PDF. But it should be correctly scaled.