Usually the difference is a slight roll of the finger. But you can hear it. You might not know you can hear the difference in pitch, but you can hear one performer being cleaner than another and intonation accuracy is a huge factor.

it depends on where it is on the fretboard.

the higher you go in frequency, the physical distance between each interval on the fretboard becomes smaller. so if a +/- 5 cent adjustment is 0.5 mm at the first “fret” after the nut, it will be something like be 0.1 mm when you are at the 7th “fret” location (i.e where the interval of perfect fifth, relative to the open string, is played).