YES: I'm pushing 60, have a white beard, and find rubbing some dark camo grease on my beard/mustache or wearing a mask is a MUST. This became super evident when I was busted by a lead cow two years ago: I was well camouflaged, well hidden in my ground blind, and had the wind in my favor. Yet, after approaching to 20 yards (with a string of two dozen cows, calves, and bulls behind her) she was totally spooked by my white chin, stomped her feet, barked an alarm, and led the whole troop 100 yards around me.
For deer, I don't think it much matters. But elk on public land in Montana have a PhD in avoiding death.