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.
It's very good explanation and your post is insightful too.
This fact is covered and not all gamblers know about it but even they knew about it, they possibly did not apply it well for their bet activities. Most gamblers are greedy and likely irresponsibly too, and they don't feel happy and satisfied with small wins (come from low risk, low volatility games). They often chase big wins which come from high risk, high volatility games.
They want to satisfy their emotion than secure their gambling capital.