Thanks everyone. It looks like the answer to my question is both yes and no. Yes, people with discerning ears and fingers will differentiate, but that no, there is no "industry standard."
Although the action height surprises me - I thought it would probably have something more to do with neck width or string spacing at the bridge (farther apart to fit fingers in, closer together to get a flat pick from one string to another faster).

"If this is your first guitar then it really doesn't matter a damn" It's not my first guitar, just the first one I've bought. But it still doesn't matter a damn. My ear isn't yet good enough to recognise the quality of the sound, and my playing abilities are still so simple that setup isn't going to affect them.