The largest cube net I can cut out of a 1x1 square paper has a volume of
$ \frac{\sqrt{2}}{32} \approx 0.044 $
Using the following cutout:
The black area is exactly $\frac{6}{8}$ of the total area (The white triangles are half the area of one face), which means each face has an area of $\frac{1}{8}$, giving a volume of $(\frac{1}{\sqrt{8}})^3 = \frac{\sqrt{2}}{32}$. Alternatively we can notice that the length of the diagonal of a face of the cube is $\frac{1}{2}$.
Comparison of volumes from different methods:
$\begin{array}{l|r|r|r} \text{Method} & \text{Volume} & \text{Approx.} & \text{Percentage} & \text{Wasted paper} \\ \hline \text{Theoretical maximum} & \frac{\sqrt{6}}{36} & 0.068 & 100.0 & 0 \\ \text{wl} & \frac{\sqrt{2}}{32} & 0.044 & 65.0 & \frac{1}{4} \\ \text{CiaPan} & \frac{\sqrt{10}}{100} & 0.032 & 46.5 & \frac{2}{5} \\ \text{Default net along diagonal} & \frac{2\sqrt{2}}{125} & 0.023 & 33.3 & \frac{13}{25} \\ \text{Default net along side} & \frac{1}{64} & 0.016 & 23.0 & \frac{5}{8} \\ \end{array}$