I agree with this mostly, but I would add that the level of restriction doesn't affect the level of meaningfulness per say (which is what OP asked I guess). It all depends on the preferences of the one making the choice, i.e. a choice that has small but long lasting consequences (so your ability to re-choose is restricted) can be less meaningful than a choice with big consequences yet which can be re-chosen quickly.
An in-game example would be talents versus something like conduits. Choosing between a single target and aoe talent can be extremely meaningful in a top raid environment, if the boss requires both high aoe and high single, and if their difference is high. If there is similar conduit yet the difference is 0,2 %, then the talent choice is far more meaningful for that particular person then the conduit choice is, no matter if the conduit choice is more restricted.