Do lower RTP settings change a slot's volatility?

With providers offering slots with múltiple RTP tiers, like 96%, 94% and 88% versions of the same game, i've been wondering about the underlying math.

When a casino chooses a lower RTP version, does the software achieve this by altering the game's volatility index cutting down base game hit frequency, or does it simply trim the weight of the top-tier bonus payouts?.

I’d love to know if a 94% RTP slot feels more volatile than its 96% counterpart, or if it just offers less value overall.