I would say so! You are essentially applying for the TC in the end. The VS is just a means to the end in that process and often, if not invariably, the TC structure/content is what will differentiate firms.
For example Jones Day doesn't have TC rotation, while
Freshfields has an 8 seat training contract and a firm like S&C only has transactional seats. All of this can help you choose which firm(s) is for you and especially convince the firm on why them!
TL;DR IMO its a huge reason why to pick a firm.