Even though the walkman is very well shielded from external interference, there's also internal interference in the form of electrical noise being generated by the walkman's own internal electrical components, which includes the micro sdcard.
When the sdcard is being accessed by the walkman, there is electrical noise being generated. This noise varies according to the sdcard's internal design(how much shielding, SLC, MLC, TLC and etc). Usually the bigger the capacity, the more power required to read/write, and also the more faster the transfer speeds, the more likely that more electrical noise is being generated.
Basically the electrical noise generated from the microsd can have an adverse effect on the walkman's internal electrical components(clock oscillators, power supply). This may cause additional jitter to the overall sound.
Now whether you can hear this electrical noise pollution will depend on how golden your ears are and the grade of gear you have. Usually there are other sound quality bottlenecks in lesser grade systems thus you won't be able to hear the difference in sound quality between sdcards for most people.
However when you talk about the high grade WM1 walkman and the kind of high grade audio gear owned by the golden ear audiophiles in this forum, I am very sure there are people here who can hear the sound difference between microsd card. That is along with people who can hear the sound differences between a Loss-less highly compressed FLAC vs PCM .WAV files being played on their system.
For those interested in this topic, here's a related video by Mr Hans which explains how electrical noise and clock jitter affects audio: