Imagine that every unit has a stat pool of like 1500 points. They have like 30 stats (random number) and can put their point into any stat. They can put 1500 point in hp. Or 50 in each stat. or 500 in "damage" and 500 in armor and 500 in HP or anything inbetween. Basically, if they choose more mitigation, they lose another stat they could have had instead (either offensive or defensive). SO yes, the tradeoff is meaningfull and yes it defines what playstyles you are going to have.
Careful with this, because having point-pool itemization doesn't, by itself, create meaningful choice. All you've described are choices that have consequences, but it's still possible for all of the consequences to effectively be the same. Balancing the itemization is a good last step, but you first need to sufficiently differentiate your stats. Give the user a clear reason why choosing a piece of mitigation gear will make them play differently than choosing a piece of health gear.
An example of giving the user a choice that isn't meaningful is armor vs health in Hearthstone. Some cards heal and some give armor, but (outside of a few special interactions) they're effectively the same thing. It doesn't matter how much they balance them, there's no orthogonality added to the play space if the only decision is between the two.