It's part of it.
Z_in = R_in || 1/(jωC_in)
You can listen to the difference between some VM95 versions here, for example:
They've got the C, E, EN and SH. No ML, but there's the VM510CB, 520EB, 530EN and 540ML for a similar lineup that's got an ML instead of a Shibata.
The corresponding VM95 article with measurements is here (use translation):
Nicht einen, nein, gleich fünf neue MM-Tonabnehmer bringt Audio-Technica in den Markt. Die gemeinsam
www.lowbeats.de
The IMD values ("Doppelton-Verzerrungen (1800/2200 Hz)") would seem to make a pretty good predictor for what I heard, alongside crosstalk and FR.
Since you have the VM95E already, I would strongly consider getting one of the fancier replacement styli for it, like the VMN95ML or VMN95SH. They should all be within your budget and seem to be very nice-sounding. The minimum to these ears would be the EN, though supposedly it may be subject to early wear or something?
The VM540ML does post
even better measurements, the only negative I can find is it being a bit hot in the upper treble (experimenting with loading may address that, ATs traditionally tend to like lower capacitance and/or lower resistance if you can't do that).