Studies have shown that for hypertrophy (not talking strength here), volume = (sets) x (reps) x (weight) is the most important variable. This is basically accepted as fact in the S&C world. Maybe Coach and well-read trainers like SF1900 and Foozle will back me up here.
So the weight/reps/sets scheme you use does indeed matter if hypertrophy is the goal because the reps you can do drops off precipitously with increasing weight.
For example I could do 10x10x150 lbs on bench, this is 15,000 lbs of "volume" but I sure as shit couldn't do 10x5x300 to match that volume, I couldn't even do one rep with that weight, and nobody can do 10x1x1500.