Sean,
While I have at times been part of the "land is putty" school, I do think most great writings about design say that there is an unseen but always present and felt connection between man and nature. Going further, feeling good is somewhat dependent on keeping as much nature as possible to retain that connection. That holds for architecture, landscape architecture and golf course architecture, maybe even interior design.
To me, that would be the big intent of minimalism, especially since most golf courses have been built that way for 500 years, perhaps for economic reasons, but also, designing for the function of golf is less intrusive to nature inherently than a parking lot, structure, etc. It seems a shame to not utilize that human-nature connection to your best effect.
Otherwise, in theory (and a few times in practice) minimalism is just another forced design style that an archie chooses. As to defining "possible" that of course varies and the best do it well, others not. There are hundreds of Midwest courses that are minimalist, by budget, but poorly executed in design. There is still the artistic content and whatever style an archie chooses, he must provide both playable conditions and aesthetic features.
That might mean only grading a few fw, vs. perhaps Faz grading every one of them to achieve a valley and containment effect. One style accepts a different type of shot value to leave the land where it is, another style sets a particular play value and manipulates to get it to a far greater degree.
Hard to define exactly what possible is, and its all along the gradient. In the end, very few know what the architect accepted, did do, didn't do but considered, etc. to achieve their vision of the final product. To answer the direct question, no, it doesn't matter as long as its executed well and the final product is pleasing to enough golfers to get reasonable play levels. In some cases, like Wolf Point, maybe the threshold of how many golfers must like it is exactly 1! But, that is rare.