If you increase the wheel size, you get a smoother roll.
If you raise the bb height by going larger overall diameter, you get a less balanced ride.
Small wheels are stronger and more flickable.
These 3 wheel sizes overlap in maximum tyre diameter, and a bicycle geometry is based around that size.
So a huge 26 is close to a sk6iny 27.5,
and a huge 27.5 is close to a skinny 700
The reality is you're better off getting a frame designed around what you want to do - tyre width is dependent on application, and frame clearance needs to match.
I'd say it's a bit like those horizontal dropouts (for hub gear or ss) with a derailleur hanger.
Why?
It's generally best to make your mind up first.
I've got 3 bikes i regularly use, they could overlap in application, but wouldn't be so good.
One frame rarely makes 2 good different bikes, and frames aren't expensive anyway, so just get the right one, and if it isn't right, change it, or have both!
If course if you like playing around with the setup of a single frame, it offers lots of opportunities, so away you go