For old hat, centre pivot, side pull calipers like my Raleigh 20, it does make a difference as it's the brake pivot point. It shouldn't make any difference to modern road bike calipers.
It does make a slight difference i found when i put a load of tightness on it, so i normally keep checking it to see if its still moving freely.
Its not something to really worry about, if its really tight the brakes will still work, but i found them to be stiffer, so i just lossened them off abit.
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