In the original release of D2:ED (when that topic was posted) there was a strong level dependence for combat, but that was greatly reduced in DKS / D2:DC. You would still have a boost going from level 30 to 40, for example, even without using the additional stat and skill points, but you wouldn't become invincible fighting level 30ish opponents. Some of the weak summons in D2:ED that you could simply ignore were made much tougher in DKS, as well.
The creature (in part) and dragon form stats are level dependant.
Equipment in DKS does not have stat requirements, so you can easily switch character builds even late in the game. A high strength character isn't going to be as effective a mage as they could be, for example, but skills (like Mana Efficiency), enchantments, charms and even just a little extra potion use can make up for having a low intelligence and spirit. Going the other way, a high intelligence character has the option of using magic based weapons for melee combat.
You wouldn't need to grind to do this, but a level advantage would help if you are switching to a really non-optimal build. FWIW playing a ranger in DKS I stopped distributing stat points after level 15, and had no problem finishing the game (got to level 47 just before the end).
