Yes, it does. You can change it by cutting traces.
1/16th = 80 steps per mm or 0.0125 mm per step, which is significantly more precision than needed.
Obviously 1/8th = 40 or 0.025 and 1/4th = 20 or 0.05 which is still sufficient.
So why would you choose 1/4 over 1/16?
Increased potential speed and higher torque, but the negative result is the motors may sound "rougher" and you could get harmonics at different speeds.