I believe that the higher hands make it easier to close the clubface.
To illustrate the point, hold a club with your left hand and point the club straight so that the club and left arm form as straight a line as possible. Now rotate the club from 90° open to 90° closed. It doesn't take much effort. Now cock the left wrist to as close to 90° as possible and do the same. Much harder. Instead of moving the clubhead a foot or so like in the first exercise, you are moving that sucker some 8 feet or so.
However, I'm sure that for some people, low hands sets off a good chain of actions & reactions that helps give them a wonderful release.