Yup.
its a mix of comfort, concealment, and speed.
IWB: more concealable. Generally less comfortable (although a lot of people have very good results with crossbreed style holsters), pants need to be bought 1-2 sizes bigger than normal, and slower to get to due to extra layers in the way during the drawing process. If openly carried in an iwb, or frequently practicing drawing from concealment, speed is negligible.
OWB: more comfortable, regular sized pants can be worn. Harder to conceal. If open carried, generally faster due to the firearm being sightly away from the body.
Just a few points, so many more. In the end, its a personal choice, different people find different methods that best suits their abilities.