Well, the point on width goes farther than it might at first seem. Remember how modern tires are sized? There is the overall width of the tread first, let's say 150mm, then there is the aspect ratio, let's say 70, meaning the sidewall's height above bead is 70% of the width of the tread, then there will be the hole size and the speed rating.
If you have a wider rim that means you can put on a wider tire - pretty obvious - but that in turn also means that the tire will be taller, because that aspect ratio must be maintained, so if it gets wider it also gets taller. So with that in mind we go back to your original question, of if the 17" wheel's smaller diameter means lower in the rear - well, maybe, maybe not. If the 17"wheel allows a wider tire then that tire will also be taller and so the 1" difference in hole size does not mean a 1" difference in overall height, and much of the difference is dependent on the rim width, because wider tires require wider rims.