There are both 8/8, and 16/16 sprites. From your picture, the knight is an 8x8 sprite with scale at 1. His hurt-box is either the entire 8x8 square he is made from, or since the game is capable of giving all sprites an outline, the outline could be his hurt-box. I believe it's the first option, as it's very easy to get hit from a projectile.
The djinn being from a 16x16 sprite palette, also has the same hurt-box as 8x8's. This is speculation from me, as some projectiles clip through the ends of 16x16 monsters. Which is why you shoot the bottom middle of their sprite. However, monsters like that are 16x16 sprites, but their scale is multiplied to make them seem larger. I believe their hurt-box is scaled with them.
Now projectiles I believe are different, their hit-box is more likely to be their outline. Some projectiles can barely miss you, but if they were a square filling the entire 8x8 space they are cropped from, they would seem to hit you.

Purple Box - 8x8 Hurt-Box
Yellow Box - 8x8 Hit-Box
Cyan Outline - Projectiles Hit-box
This shot missed. If the cyan line would've made contact with the purple box, the shot would've hit.
Everything stated is not backed by any sources, and is speculation coming from years of experience with the game.
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Maybe I'm wrong above, perhaps the hurt-box is either an 8x8 or 16x16 square. Which is applied to any monster, however, the size tag only makes the sprite of the monster larger, and doesn't affect the hurt-box.
<size>1</size>
<size>2</size>
For me at a resolution of 1920x1080, one pixel on the sprite sheet is five pixels on the client.