I don't play acoustic at all, but you can really change the sound of an electric by how and where you pick. I never touch the tone control, I change the tone by how and where I pick. The difference is pretty huge.
Undoubtedly, but it's exponentially more dramatic on an acoustic, at least based on my experience. I can't help but fiddle with my vol, tone, and selector switches when I play electric, even if it's just to find the sweet spot I might be looking for...then I'm always tweaking on the fly with everything, including picking position, whether I use a pick, hybrid, muting, etc. With an acoustic I really don't touch the electronics, if it's equipped, even when it's plugged in.
Keith Richards says that he can get pretty much all electrics to sound the same, but it involves different pup and control settings on the guitars and tweaking amp settings. With a decent acoustic you can cover most needs just by changing how you play it, e.g.: lighten up your technique on a dread and you can totally cop and 000-sound, strum it in the right spot and you can get the sound of jumbo...it gets harder trying to get a OOO to project like a jumbo though.
Without some sort of electronic manipulation, however, you're not going to get a Tele to sound like a Les Paul or a Strat to sound like a 335. So with electrics, we manipulate instrument and amp controls, use effects, and change technique to achieve these goals. Not that that's a bad thing, and really only other musicians notice the minutia...and not even all of them. On an acoustic you just manipulate technique. Ideally you master that and only manipulate music...ideally.