My first 2 road bikes (Cannondale and Trek) had 650 wheels on a 47 cm frame (I'm 5'1"). I now have an extra small men's size frame with 700 wheels and I don't feel any difference. It felt "high up" at first, but now, nothing. People argue about this stuff all of the time, but I really don't feel like it mattered that much in my riding. I'm more concerned with having 165 cranks, whichdoes make a difference for me.
2015 Trek Silque SSL
Specialized Oura
2011 Guru Praemio
Specialized Oura
2017 Specialized Ariel Sport