Yes, the engine note can change considerably from really retarded to really advanced. It can sound really quiet and smooth when retarded but you have bugger all power compared to running more advance. Downsides of this can be engine rattle, vibration and just doesn't sound/feel as smooth.
If you go to far advanced the engine rattle at idle and especially under light engine loads can get really loud and annoying.
If you go to far advanced the engine rattle at idle and especially under light engine loads can get really loud and annoying.