It makes considerable difference in my view.
All that "out" switch does is ask you whether you'd like the sub to be fully controlled by your "AV" system (Ambeo) or would you like it to be entirely independant and not change at all once you have set it. With an Ambeo it seems obvious to me that it would be much better if the Ambeo embraces and completely controls the sub with allowing you to tweak and adjust if you must from within the app with both a master volume control and the sub adjustment within each pre-set eg movie, music, etc environment.
Don't overlook even more importantly that this also means the full control passing through made by the different Dolby sound modes. If you don't use "out" your sub never changes for Dolby and merely ignores what Dolby is trying to do - eg explosions and all that immersive sub-base stuff you want Dolby sound modes to control. Also each Ambeo preset - you're not controlling the sub within the Ambeo if not using "out". Dolby wants to control the sub on a moment by moment basis and your setting prevents that and leaves the setting flat rather than variably controlled by the Dolby sound mode. And not to overlook the "night" setting which isn't controlling the sub when not using "out".
Also, if you leave it with your current setting then each time you tweak or change settings on the sub you'd technicvally need to recalibrate it because with the out setting the Ambeo sets the volume perfectly as it wants it for the complete calibration - unless you feel that one setting untouched is genuinely good enough for all modes including ignoring Dolby for you and your setup.
I'm not clear how you could get a much better sound-bar setup than having the sub fully integrated into the Ambeo experience by using "out". This is entirely my "non-expert" view of this!
Jeff