It really does on some records, if you’re interested check out some comparisons on YouTube. Many times it’s subtle eq tweaks, granted, and that won’t much matter. But a lot of older rock and pop records for example go from being super dynamic and well produced to completely crushed with boosted bass and treble to ‘modernize’ the sound.

You can see some examples of how dynamic range (they don’t track ‘mastering’ overall) varies across releases on this site: https://dr.loudness-war.info/