No, just allows you to get your boot snug in the binding, the din sole on say a full tilt to a nordica ace of spade boot is quite different so it's purely for adjustment, they will be fine
of course it does, if the wings are too wide or too tight than the toe piece of the boot wont fit correctly into the toe piece of the binding. these can both cause you to prerelease.
^ I think your thinking of the height adjustment of the toe piece. It also has wing adjustment though. But yes in answer to the OP both the toe piece height and wing adjustment must be set properly for releiable realese.
every adjustment matters. if there is any slop (this means when locked in, your boot slides around a little) it means your boot can build up momentum inside the binding when you fall and release early on you. Keep the wings tight with only a tiny gap for the height.