it depends, some folks say it does and some folks say it doesn't you will get allot of different feedback. I do not shoot indoors, or 3d tournaments, I am strictly a bow hunter, I hunt whitetail deer. So this is my opinion, depending on the string angle depends on my peep size, also depending on how big my scope is depends on my peep size, for instance with my draw length of close to 30" on a mathews triax the string angle is steep so i need a 1/4' peep for me to be able to see the ring around my av41mm scope. A larger peep allows me to get more light into my peep allowing me to see better in low light conditions. Now if i was shooting a longer axle to axle bow with the same sight I may would need a 3/16" or a 7/32" its all personal preference. I do not notice a difference as far as accuracy goes!
do you hunt?
do you shoot tournaments?
do you shoot outdoor 3d?
allot of different variations, whats your draw length, what bow are you shooting?
I want to see my scope ring and have plenty of light that i can see until its illegal to shoot.