It does affect how you look, and yes if you're bald and beautiful no one will care about the missing hair,
but if there's something that I've noticed is that many people that actually look like sh*t without hair,
somehow look very handsome with hair, and I'm one of them.
When I was about 15 and got taller etc - my whole look changed with it, and everyone told me I was beautiful, and I was shocked because I was never a "beautiful" kid, but since I becamse 15 everything changed and I guess it's in the genes because both my parents were really good looking, so it makes sense.
And then I started losing hair at 18, my hair started thinning and suddenly I wasn't "beautiful" anymore and girls didn't give me that "f*** me" look that I got so used to. I didn't recognize myself in the mirror.
Then I started treating it and 8 years later I still have good hair, not even close to what it was, but something I can live with.
Now, look at someone like Robert Plant, do you consider him beautiful? (in his 20's-30's)
Because many people do.
But if you look at his face, he's clearly not, and if he was bald at his prime what do you think he would've looked like?
Of course he would still have that perfect voice, but I'm talking about his looks, which didn't harm him at the time.
He had Zeus' hair, and it made him look like a god.
I always tell my close friends "I started losing hair because with the hair I had (curly dark brown), and the current face+blonde beard I have today at 26, I would've looked too good, and that just can't happen.