Technically... nothing really works in this game:
Stats dont make much of a difference, especially in pve
Power/light level is a joke and has been since D1 because a 750 power level enemy can still wreck face even though you outrank it by 300 points
Everything is designed around a paper thin idea of “shhhh dont question it, you need to level up in order to play”, yet the more you examine everything, the more the design of this game falls apart
Does this mean destiny sucks? No, its just someone came up with a dumb “prestige” idea(looking at you Activision) and then forgot it existed and did nothing with it.
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I'm pretty sure a 20+ second cooldown reduction does make a difference.