Yes there can be lots of differences between an outstanding school and a good school - but not necessarily what you think!
The biggest difference between schools of any rating IMO is often the ethos, and if you take ethos into account, then which one suits your family and your DC can depend more on subjective values that can't be measured by OFSTED, than on a simple rating.
We chose our local Good school over the Outstanding.
I thought we would choose the Outstanding school until I visited them. I was surprised how far apart they were in approach!
Although both "ordinary" state primaries, one of the schools felt very Christian (saying Grace at lunch, praying in assembly). It had a lot of desk-based "academic" activities in reception, and an emphasis on reading and writing throughout the school, with not a lot if evidence of more creative subjects. The headteacher seemed unassuming and some of the staff quite stern.
The other school seemed broadly atheist in approach, much more emphasis on play in reception. A broader focus in terms of subjects. Teachers seemed less strict. More emphasis on rewarding positive behaviour. More space for creativity on the curriculum.
Which one was the "good" and which "outstanding" seemed irrelevant once I'd visited as one of those schools is totally in keeping with our values as a family and one is not at all. But on the flip-side I know patents who have chosen the other school as they prefer that approach.
What I'm basically trying to say is visit the school, speak to the staff, ask questions about what's important to you and make your own mind up!