Tires: (Does affect PP)
Tires are probably the single most important part of the car setup. Tires are what connects the car to the road. The more grip the tires produce the higher cornering speeds you can achieve which means faster lap times.
Finding the right tires for the relative Performance Points is also important, as a rule, I d recommend:
~600pp and below: Sports Tires
~650pp and above: Racing Tires
Tire Wear Considerations
Hard, Medium and Soft refers to how durable the tires in each category are, softer generates more grip, but less longevity. For high tire wear races its often better to use Harder tires and use some of the performance points in other areas of your tune.
Comfort and Sports tires have some suitability in wet conditions, but Racing tires really suffer in wet weather and that is when you need Intermediate or Wet weather tires.
Speciality Tires: (Does affect PP)
Intermediate Tires are perfect when the wetness meter is in the middle third
Heavy Wet Tires perform best in the top third and when the track has puddles, both wet weather tires wear very quickly.
Then you of course have the other special tires such as Dirt and Snow tires which should be self-explanatory.