No, it's just you have the possibility of raising your grade by a greater amount(unless you're already at 4.0) if you choose an option with a higher point value. You're just less likely to screw up your current grade choosing the exam option that's easier and has less point value. Basically, less points equals your final grade is impacted by the exam less.
Say you had a final grade of 18/7 without the exam. That's a C. If you got an A on the exam with option A you'd have a final grade of (18+2*4)/(7+2) = 26/9 which is still a C. If you chose option B or C and got an A, you'd have a final grade of (18+3*4)/(7+3) = 30/10 = B. So it would be to your advantage to try option B and C.
Likewise it can work in the opposite direction as well. If you had a final grade of 22/7 without the exam which is a B, and took option A and got a C on it, your final grade would be (23+2*2)/(7+2) = 27/9 which is still a B. If you got a C on the exam with option B or C though, your final grade would be (23+3*2)/(7+3) = 29/10 which is a C. It would be your advantage to take exam A in this case since you're less likely to lose your B in the class.