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Yes. #8 is a oversized by one size but it's total ok. You can always oversize on electric wire but never undersize.
If you are referring to house wiring then the answer is no. A breaker protects the wire size that is connected to the breaker. In home wiring most homes are wired with a #14 wire which is rated at 15 amps. That is why the wire is protected by a 15 amp breaker. The correct wire size to connect to a 40 amp breaker is a #8. This size wire is too large to connect to receptacles an light fixture terminals.
A 40 amp breaker is used in conjunction with AWG # 8 copper wire. The black and red wires are connected to the breaker. The ground wire is connected to the ground bar and the white wire is connected to the neutral bar.
A 30 amp breaker run 75 feet would require you use AWG #10 wire. But, an oven normally pulls more that 30 amps and I would not use #10 wire on a 30 amp breaker for an oven. Normally any newer oven is wired with AWG #6 gauge wire on a 50 amp circuit breaker so the breaker will not trip during heavy use of the oven. Some older ovens could use a #8 wire on a 40 amp breaker.
A #8 aluminium wire with an insulation factor of 90 degrees C is rated at 45 amps.