If you have your foot placement and technique down it really doesn't make much difference. I think most people do it to stay close to the wall. By touching the wall on the way up it gives you a mental note as to how high you are, how fast you're going, and whether you'll make it or not. It's just kind of a reflex thing. For instance...

That's a pic of me doing a pretty high wall climb in Philly. I'm going
straight up the wall and I'm using my hand as balance and all the other things I said. Make sense?