Higher volatility, has higher amount of wins, but rarely to get wins...
On the other hand, low-volatility slots provide smaller but more frequent payouts...
You explained the difference between high-volatility and low-volatility games very well, PX-Z. Any slot player must understand these basic concepts to choose the games that suit them best.
If you want frequent but small wins (low risk), then low-volatility games are your best choice. If you're after big multipliers, you should play high-volatility games (high risk).
I just want to add that, theoretically, what you're supposed to win depends mainly on the game's RTP (Return to Player), not its volatility.