It does to an extent, parallel mods, either reg or mech, have the same advantages and disadvantaged (just as in series does too).
Amp pull is not as harsh (as it's being distributed across the batteries), but less Volts. With a regulated mod, the power is controlled, and the batteries are separated, power is pulled in a controlled balanced approach from each... and why you can pull one battery out (or just put one in and the mod still works but at 75W max.
In series, the Amp is the same as a single battery, but more Voltage. The power is pulled from the two batteries, so the power from one goes through the other battery, should one fail, it could fry the other one too, so why it's really important to marry sets.
Basically, the safe output for batteries is different with a reg. mod as it uses pulse width modulation (PWM) that mech mods can't.
It's basically a case of, using two 20A 2500mah batteries (3.7V):
Parallel = 3.7V, 40A, 5000mah
Series = 7.4V, 20A, 2500mah
So the main difference is that in series, it's about the voltage being pulled, so power consumption is lowered that way, while with parallel, you're pulling from both batteries, so less impact on the the Amps per each. So basically, though battery life does come out fairly similar, the pull on the batteries is different, being much harsher with series, as proportioned to how much wattage you're using.
So series; more instant "kick" when you push the button, parallel; more balanced pull, but overall, it all depends on how you vape and the coils and wattage you need.
Examples:
(going with ohms as the priority, for single (20A), series(20A) and parallel (40A))
- 0.2 ohm (3.7 V) = 18.5 Amps at 69 Watts (single: still ok but close/parallel GOOD)
0.2 ohm (7.4 V) = 37 Amps at 274 Watts (Series BAD)
- 0.5 ohm (3.7 V) = 7.4 Amps at 27 Watts (single/parallel GOOD)
0.5 ohm (7.4 V) = 14.8 Amps at 110 Watts (Series GOOD)
- 1 ohm (3.7 V) = 3.7 Amps at 14 Watts (single/parallel GOOD)
- 1 ohm (7.4 V) = 7.4 Amps at 55 Watts (Series GOOD)
(going with battery capacity)
- A single 3.7V, 20A battery maxes out at a 0.18ohm at 74 Watts
- A dual parallel 3.7V, 40A maxes out at 0.09ohm at 148 Watts
- A dual series 7.4V, 20A battery maxes out at a 0.3ohm at 148 Watts
It also depends on the metal used and the gauge for the coil. (and why it's so important to use a calculator)
So yes, it does make a difference. As example: If you want to go with a coil that needs needs high wattage, you'd have to go with a series mod, and if you want to go low with your coil (ohms), you need to go with a parallel.
I prefer sticking to parallel for such reasons, plus the fact that I almost never go over 60W (did it maybe once or twice to test a particular build) anyways. (while my parallel mod goes up to 120W in parallel)