If you receive an inquiry (which is always marked as Inquiry in your Inbox) you don't have to pre-approve or decline, just write back within 24 hours. You can respond to an inquiry with an answer, a pre-approval, or by declining. Declining inquiry signals to the guest that their needs aren’t a good fit for your space and encourage them to request another listing. But these actions don't directly affect your acceptance rate.
But reservation requests involve payment details filed by potential guests and payment method may be pre-authorized. So, you must respond to each request (accept or decline).