Does have a huge effect . Not always desirable for what you need. As was posted earlier there is a lot of variables that go into it.  On ring porous woods  (Oak ,Ash etc. ) you don't want a lot of growth rings for a bow.   Woods like Maple , HHB, etc. would benefit from tight growth rings.  Making furniture , or (more critically)  Musical instruments  will also benefit from Northern grown , or Old growth  characteristics.  Like people, ........ every piece is an individual!