Ya, it will probably matter if for some reason you end up flat footed with the tires sitting on something higher than normal. Like smacking a curb or something and coming off the front seat. One shop I that I was checking my bike made a point that it is a safety issue. Find a bike with a sloping frame giving you the reach and I bet you will feel more comfortable about the bike. I sure would have if both of my road bikes were an inch lower.
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Disclaimer: 99% of what I know about cycling I learned on BF. That would make, ummm, 1% experience. And a lot of posts.