Toilet tank drop ball - red plastic tip

The ball that drops on a rod and stops the water from flowing out of the tank. My mom had me replace it and the replacement ball she had - several years old , under the ball, has a small red plastic part that fits into and closes the bottom of the ball, and also this red plastic piece has a short tube that points down.
does this plastic piece in some way affect how long the ball is "up" thereby allowing more or less water to flow out of the tank into the bowl?

Yes it can...