At the same size (17"), going from steel to alloy improves performance but reduces durability. Larger wheels (20") are generally a downgrade for performance and ride quality.
Engineering Explained has a video on this topic: NYvKxsYFqO8
That means, for a given spindle height, the car ride height is the same regardless of wheel diameter.
- wider wheels are marginally less efficient but almost negligible
- rims with larger diameter have larger air resistance. Probably because the rim patterns intersects the air in weird ways but it's not explained. Tire walls are relatively smooth, so tires with higher aspect are way more aero-efficient despite having more marginally lower rolling resistance.