Power matters, but in my experience it doesn’t matter as much as elevation, line of sight, and other factors. As an anecdote, I can JUST hit my local repeater 33 miles away from my back yard on 20 watts with about a 20’ mast height, but I was barely readable. Turning the power up to 50 watts, I was able to punch through and be heard well.
On the other hand, from a slightly different area with a cleaner LoS to the repeater’s location, 20 watts is plenty to have a great conversation. So yes, power matters, but all the power in the world won’t make up as much ground as location and elevation.