I think we need some example to clear this confusion:
Imagine you have 500 USD in your trading account.
with 1:500 leverage the max position you can open is 500*500=250 000 USD or 2.5 lots. (for USD/XXX pair)
with 1:100 leverage the max position is 500*100= 50000 USD or 0.5 lot.
For simplicity I didn’t take into account transaction costs like spread, slippage etc.
Now let’s imagine we want to open a trade with pip value of $1. Then the lot size should be 0.1 lot since pip value for 1 lot is 10$. With 1:500 leverage required margin will be 10000/500 = 20 USD. 480 USD is free to open other trades.
But in case of 1:100 leverage required margin is 10000/100=100 USD. Only 400 USD free to open other trades in this case.
As you can see one of the differences between leverages is the amount of money broker locks for a particular trade. Also, max possible lot size for 1:500 leverage is 500500=2.5 lot, for 1:100 leverage - 500100=0.5 lot.
Here we can conclude that leverage doesn’t affect pip value.