It makes a difference if it's not installed correctly. You can have the key in the crank off a bit, the key in the cam off a bit, you can have the groove in the crank gear off a bit, you can have the groove in the cam gear off a bit or worse yet, some of all of it.
That's why the cam should always be degreed. That stuff is all made by humans and humans ain't perfect. The only way to KNOW where the cam is at is to degree it. A few degrees can make a big difference. Especially when you are short of gear like you are.