How do "QualitySettings" affect Asset Bundles?

When I build asset bundle A at fastest quality settings, and then build asset bundle b from the same assets at best quality settings, is there a difference? Does the quality setting get built into the bundle, or is it only a property of the player?

I need to know this because I am getting low memory crashes on some low end devices. If I have the player on fastest quality, but it's downloading best quality bundles, then obviously I will need to build a SD and HD version of the bundles.