The recording quality settings are only for analog signals. If you are using the premiere with a cable card or for OTA, you have a digital signal and those settings do nothing. But to answer the question, yes, there is a noticeable difference between quality settings. Some would argue that the difference is very great and others would say it's noticeable, but not significant.
discipuli nostrum bardissimi sunt.
If you want to argue with me at least use some actual facts instead of making it up.