Depends on what level of lore you are talking about as well. Some of my lore "matters" but not in a global/politics sense.
Currently, the party is going through a massive sidequest, because of a motivation to destroy a cursed sword, remove curse is only temporary at best. The lore behind the sword's creation, the demon's true name, reading and writing Abyssal, have influenced where the party is going, what they will fight, and personal motivation. The fighter carrying the sword is one of the few characters that can read Abyssal (without slow magic) when it revealed its' text, the wizard saw through the illusion on the sword & snow discussing summoning the demon who forged it.... needless to say the characters "in the know" with the lore are going to have some different motivations, preparation, and actions. The Warlock's patron also has a journal that carries a passage regarding the "protocol of demonic counsel", so we will see if they come together to cast the right prep spells based on lore