1. it matters is when PowerShell needs to talk to or use something outside itself. When that happens, the versions have to match.
2. if you are running 32-bit PowerShell and you try to use a module that calls a 64-bit .dll, it will fail. Or if you are running 64-bit PowerShell and you try to create a 32-bit COM object, it will fail
How to detect which Bit is available: