I'd say you'd get a similar effect, small changes should be fine, but the larger the change for your virtual exposures, especially if lightening, will probably introduce noise and/or artefacts.
If you combine exposures later, it depends on how you combine them together. If it is a HDR, then any noise from the virtual copies will be exaggerated even more. If it is masking different areas, then the noise generated (if any) from the conversions will still be there, to some degree. And merging areas together becomes difficult with some scenes, trees against sky for example. That is something HDR struggles with too.
I have done more HDR pictures derived from multiple Jpeg images from one RAW file than multiple bracketed images because I didn't take the pics with HDR in mind, or just to try the effect. And it does work, and sometimes quite well, but sometimes it can be a noisy mess. :shrug:
The best way is to experiment as so many things can influence the final result. Do some test images to see what the limits are, it costs you nothing but time.
