It's certainly my experience that plants grow better in finer substrates. It is more like their natural environment, (normally fine mud and sand). That said, plants will grow in gravel, mine used to before I swapped.
If your plants are not growing, I'd be checking your lighting before doing anything else. Without knowing the type of plants you've got it's difficult to advise, but most plants want at least 2W per gallon. Some plants can do with less, (Anubias sp. for example will almost grow in the dark!). Other require more, some A LOT more. Cabomba sp. for example will want 3.5 - 4W per gallon. Get the light right and you'll solve 75%+ of plant problems.
After light, the next limiting factor is usually CO2. High light demanding plants also demand high CO2 levels.
Trace, micro and macro nutrients come after that.
Once you've got all that right, then a good substrate will give better results than a poor one.