rig, this is such a simple, but excellent question that I often wondered about when I first started baking.
In my experience higher gluten flour can be puffier and maybe even rise a bit more, but often at the expense of a chewier and more sturdy crust. The effects are created by the flours extra strong and more intense gluten network formed during mixing and fermenting. Because of the stronger gluten network the dough has the ability to trap more air bubbles. This is why you get a more potential rise out of high gluten flour. Oils and other softeners such as bromate, sugar, soy flour, ascorbic acid, enzymes etc. can help to reduce this chewier texture to achieve the desired mouthfeel for your crust and make the best of both worlds. This is especially important when you are baking at lower temperatures like you would find in the typical pizzeria or in a home oven. People that cook in high temperature ovens can often get away with using much lower protein flours since the high heat tends to give more rise and a softer texture than a lower temperature oven, reducing the need for the extra gluten or additives.
I must also point out that many other factors usually involved in mixing fermenting or handling can cause any flour to be extra chewy or puffy or not.
I have not noticed a huge difference in taste between higher and lower gluten flours, but I have read that lower tends to taste better. I find that the flavors of char, fermentation, or wild yeasts will always outshine the slight differences in flavor created by flour.