First off, I am NOT an expert or very experienced on things vinyl, but FWIW here was my brief experience recently ...
I had a long discussion on this with Mehran at Sorasound (ZYX) before I bought an Airy3 which is offered in both 0.24mv and 0.48mv versions, among other options (silver, copper, weights, etc.). I kept pushing in the direction of "what will I miss?" if I go with 0.48mv, assuming that was the case. He was more inclined to look for an optimum sonic match with the phono pre I intended to use (for sonic characteristic reasons, not gain capability). In my case it was a Joule Electra OPS2 all tube dual mono. Ultimately I chose 0.48mv, and found it was not lacking in any area that I might expect like maybe resolution, speed, transparency. Intuitively, those of us with simple minds might think with lower excursion required it might be "quicker", improving on those characteristics. In practice that cart was so outstanding in those areas that I never gave a thought to whether the 0.24mv would be better. He actually spent more time talking about silver vs. copper than anything.
Tom