Sure it matters. When Nebraska as winning tons of games against Big 8 opponents, then losing games when they played in bowl games against teams with bigger and better athletes, their inability to throw the ball efficiently became an issue when opponents were able to shut down the run. They were putting 400 plus yards on the ground.
As I mentioned, perhaps in this thread maybe another, it’s hard to keep track when basically every thread is the same, Colorado could be very much like the 1990s Houston Cougars throwing the ball all over. Or Mike Leach’s Texas tech or Washington st teams. Or Hal Mumme’s Kentucky teams. All had the ability to put up tons of yards and points until they ran into a team that would eat clock and shorten the game. None of those teams ever won a league title and they all had subpar defenses. But they sure could throw for a bunch of yards.