As the owner of mostly older iron, I'm frustrated to the point of exhaustion and anger at tire companies, automobile and wheel manufaturers, and tire retailers.
I spent a lot of time attempting to find 13" tires for my Corvair, with a whitewall. Struck out. I eventually relented and bought 14" wheels (which I could still get a Corvair hubcap for) and WW tires. Decent 15" tires for older stuff are getting rare, too.
The problem with comparisons now is that most of the smaller diameter tires are not coming in good compounds. They're usually cheap tires. When you can find them. Trying to find 165SR15's for a Volvo Amazon is getting hard even.
Sure, larger brakes need larger wheels to fit over them, but larger wheels also NEED larger brakes. It's either a chicken-or-egg situation, a Catch-22, or a never-ending loop. You pick.
Personally, I think it's a bit of a conspiracy by the tire and wheel companies to foist more expensive tires and wheels upon an ignorant car-buying public. Car companies are in collusion. The minority (people like us here) will never have a large enough voice to matter, and in the end we'll be forced into either buying specialty Coker tires ($$$) for our classics or upsizing and getting socked with a $1000 bill for wheels and $600 every time we need new tires.
As far as handling goes, my SUBJECTIVE opinion based on experience is that lower-profile tires DO handle better, however higher profile tires give more predictable breakaway at the limit, more warning that they arer losing grip, and, of course, better ride- ALL other things (tire quality, tire diameter, contact patch width, etc) being equal. Frankly, I think it's a case that for the majority of the motoring public, high-aspect tires are probably a better choice, safer, more comfortable, and less expensive.
Looks are even more subject, so I won't even go there.