If I understand you correctly, then high-variance and low-variance are just other terms for high or low risk/reward ratios
You do not understand me correctly. A higher variance course does not produce a higher risk/reward ratio. It only produces higher risk, without regard to any reward.
Imagine we have two variations of the same golf hole: the postage stamp on a windy day (postage stamp windy version) and the postage stamp with the bunkers removed and the green flattened on a calm day (postage stamp easy version).
The windy version doesn't have a higher "reward." It has just removed a significant amount of the control from the player. It's just more difficult, and the results will be more random. This is what I mean by "high variance" or "high luck" holes. The random wind gust hit the ball
after it is hit, which just means the player is less in control of the outcome, period. The penalty from these random gusts of wind is exaggerated by the extreme penal bunkering. Leading to an easy par if you don't get blown into a bunker, and a challenging double bogey if you do.
True luck pretty balances out if not over 18 then 36 holes. But this same luck would occur roughly the same amount no matter the course. Luck is luck and can’t be predicted. Most of the time we attribute luck to outcomes which are predictable if the golfer is experienced etc.
The issue here is that the
variance (luck) in score is asymmetric, and mostly affects the downside, and not the upside.
Again, imagine we have two variations of the same golf hole: the postage stamp on a windy day (postage stamp windy version) and the postage stamp with the bunkers removed and the green flattened on a calm day (postage stamp easy version).
Here we expect the variance to go down from the windy version, to the calm version, to the easy version. If we play this hole eighteen times in a row in each version, the windy version will never balance out to the easy version results. The easy version will always, always, always have lower variance. It's just an easier hole, and a person with specific skills will repeatedly do better.
If you have a stroke play tournament on the windy version and on the easy version, it's likely that the easy version will have mostly the same winners each time (because it's a very low luck course).
If you have a stroke play tournament on the windy version, you're likely to have a different winner nearly every tournament because while some players might be better in the wind, so much of the result is not controllable, that it's likely to produce a higher variance in winners, because it produces a higher variance in scores (a player is as likely to put up an 8 as they are to put up a 3 if a gust comes at the wrong time).
Will the results "balance out" in the long run... I mean maybe? The more control that is removed from the players, the more random the results will be at the end of the day. Perhaps it would balance out after playing the course for dozens and dozens and dozens of times, but on a single day of 18 holes, a higher variance course should produce a more random outcome than a very, very low variance course (the easy version of the postage stamp), where the player with very specific skills is more likely to win it very, very often.
Again, I go into a lot of detail about what I mean by this stuff in the essay and post.