Hi CA,
It would be more correct to say the battery voltage output set point limits the PWM input voltage. However that doesn't affect the amps (much) for 12 volt panels. The higher the voltage on the panels the more the pendulum swings to a (good) mppt controller.
MPPT does about 8% better over all than PWM. It may (or may not) start charging sooner in the day, and continue charging later in the day. There are too many variables and so far no one has made two identical systems where one is pwm and the other is mppt.
CA Traveler wrote:
PWM can only charge at the panel rate and loses significant power due to the voltage drop.