Pretty much the same reasoning will lead you to conclude that in-combat options don't matter either, since a good DM will tailor encounters to the party's capabilities anyway. In fact, having fewer options probably makes the DM's job easier.

Like I guess it depends what you mean by 'matter', what kind of story you're trying to tell, and what character you're playing. If you're trying to tell LotR, then it certainly matters whether Gandalf can teleport the party hundreds of miles (it would make the story much worse).