Does it have to do with vapor heat?
This is part of the difference... almost.
More accurately, it has to do with the vapor temperature.
Heat is energy. The energy stored in a PV is expelled as heat.
A given battery will provide a fixed total amount of heat regardless of
the voltage, resistance, or output wattage. At higher wattage the heat
is generated more quickly.
The power output of a PV is measured in watts, which is how fast
energy (heat) is dissipated. The heat can be dissipated slowly or more
quickly depending on the wattage (rate of energy output).
Vapor quality is not dependent on heat, but on temperature.
At a fixed vapor temperature, the
vapor quantity depends on
the overall amount of heat.
Transfer more heat to a given quantity of e-liquid and the vapor
production is warmer (or hot). Or with more liquid in contact with
the heat source, the vapor temperature is cooler.
A fixed amount of heat transferred to one drop of e-liquid will
have a higher temperature than the same amount of heat
transferred to two drops of e-liquid.
Now this is where the difference between a "small" coil with
low resistance and a "big" coil with high resistance at the
same power output becomes evident.
The "big" coil comes into contact with more e-liquid and creates
more vapor at a lower temp than from a "small" coil even with
the same power output rate (watts).
Now carry this one step further...
Compare a 2.5 ohm coil to a 2.5 ohm dual coil setup.
In the dual coil setup you have two 5 ohm coils operating
at the same time in parallel.
At 5 volts and 2.5 ohms, the current is 2 amps and the total
power output is 10 watts in both the single and dual coil
configuration. But in the single coil all 10 watts are laid on
a small 2.5 ohm coil, and in the dual coil the power is split
between two larger 5 ohm coils with 5 watts each.
Same power. Same heat. Totally different vapor temperature,
quantity, and quality.
Finally, comparing a single low resistance coil to a single
high resistance coil at the same power output, the heat
is dissipated over a greater area (and volume of e-liquid)
in the high resistance coil resulting in a lower vapor temp.
The HV setup can push more power (watts) and generate
more vapor with a given (desired) vapor temperature.
Or at the same power output, the HV setup will generate
more vapor at a lower temperature.