Can the .30-06 do more than the .270 Win?
Same exact case. .270 obviously skinnier. When you get into heavier bullets, the bullets get long enough to start taking up volume that should be used for powder.
As far as trajectory goes, the difference is really insignificant until you start getting to 400+ yards. Even then it's only a few inches. If you know your rifle and have dope for your loads it makes no difference at all.