Does waiting for bread to rise before baking change its nutrient composition? Does waiting for bread to rise before baking change the amount of standard macro- or micronutrients present? I imagine that baking would evaporate any alcohols produced by the yeast fermentation. So the final product would simply have less sugar. Is this correct? Or is there more to it?
No difference in nutritional properties. It is just the difference between bread and hardtack. The "fermentation" isn't to make ethanol, but rather to release carbon dioxide in the bread which creates "air" bubbles making the product soft.