I personally don't think it matters to the fish other than to say that fish can see smaller baits in clear water. And smaller baits I believe appeal to a wider range of fish. I don't think it has anything to do with water conditions beyond the visibility. A fish that will take an orange mar wart will do so regardless of how high or low th water is..
However like all fish in shallow water large splashes on the surface puts them on a wary state just as a boat going over them so to me low clear conditions are about taking care with approaching fish and presenting the lure to the fish in a manner that avoids spooking them.

I know on the North lewis in the summer when the water is low I have great fishing every morning until i run into the first sled from then on the fishing is completely turned off. if there were no sleds i am sure the fishing would remain great all day. it's all in the appraoch and the presentation