Loading affects the frequency balance -- LESS loading (higher value like 1k or 47k) means a more prominent peak in the treble response, but, it also means that the peak and fall off after the peak occurs at a higher frequency. Therefor, it is hard to say which setting has an objectively flatter response.
I tend to like the cartridge running more wide open and extended on top (47k for my Lyra Titan). But, I do somewhat compensate for the tendency of this setting to be a bit sibilant by having the vertical tracking angle set low (cartridge very slightly "tail down"). I tend to treat VTA and loading as complementary, so both have to be fiddled with to find the best combination. Both factors affect tonal balance, as well as other performance characteristics.
I tend to like the cartridge running more wide open and extended on top (47k for my Lyra Titan). But, I do somewhat compensate for the tendency of this setting to be a bit sibilant by having the vertical tracking angle set low (cartridge very slightly "tail down"). I tend to treat VTA and loading as complementary, so both have to be fiddled with to find the best combination. Both factors affect tonal balance, as well as other performance characteristics.