I can tell you right now that it does. I have a 24", 1080p, screen and a 27", 1440p one, and there is a very noticeable difference between running games at 1080p on the two.
The difference is basically 109 PPI at 1440p, 27" vs 82 at 1080p, 27". That's pretty dang noticeable.
Can I ask again why you want 27" and 1080p? The only monitors with those specs are going to be cruddy monitors, and the good 27" monitors are bloody expensive if you want a high refresh rate... really there's just the one offering, for $800.
That's the Asus SWIFT, which is 1440p, 144Hz, G-sync, 8-bit TN... vs a very high end BenQ, say, that's 1080p, 24", 120hz... and only $400. If you don't want the very top notch, you can get a 1080p, 24", 120Hz monitor for...