When you adjust a razor like the merkur futur does I actually cut the hair any closer?
I use a merkur with a feather or a astra and I don't find that the setting makes it any closer. I find that my technique and adjustments seem to get the hair closer.
Changing the settings on the adjustable razor only moves the safety bar closer or farther from the blade. The blade curvature and thus the blade angle against the skin is still the same.
Adjusting the razor angle and pressure will affect your shave more than changing the numbers on your razor and maintaining correct pressure and razor angle is just as important on adjustable razors as it is on non-adjustable razors and even straight razors.
As weizermanner mentioned, it just moves the base plate down. However, I have to disagree about the blade angle. Lowering the base plate with respect to the blade moves the tangent line between the cap and guard resulting in the blade protruding out closer to (or beyond) that tangent line, and also steepens the angle of the blade with respect to this line. Generally speaking, this will result in a more steep angle of attack for the blade against your skin.
So, does that result in a "closer" shave? Well, that depends. If you're comparing to a fairly mild razor, the blade exposure alone may get you closer. Shaving with a steeper angle does enhance the ability of the blade to get a good bite on the hair, and probably at a lower position on the hair shaft. This enhances the efficiency of the razor, and can result in getting closer. The downside, of course, is that you're doing more of a "scraping" type action on your face, and less of "cutting" one. This can result in more irritation, etc.
Here's a good article on the ShaveWiki about blade angle. There is a paragraph on adjustables as well, that shows a picture of what happens to the blade angle and exposure when you move to higher settings.
I would say yes and no. Everyone's approach is different, and I can only speak for one. When using a mild razor or lower adjustable setting I tend to find myself compromising technique, especially pressure, in order to get a closer pass. If I dial up an adjustable I can get just as close with far less pressure and irritation.