It depends on what you are comparing. If you are comparing Nike, Callaway, TaylorMade, Cobra, any of the major brands, than there really isn't a major difference in peformance except for personal preference and what you feel better with. If you are comparing a cheap brand, say RAM for example, with Callaway, then yes, there is a difference. More expensive = made better, won't fall apart, better performance, better shot shaping.
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Could do. If it has a better shaft for your game and basically other playing characteristics of your club can affect distance.