It could have some bearing on the overall effectiveness of the lure, but not too much.
Remember that bass tend to strike their prey head first, and the eyes on a plug/lure may give the bass it's orientation towards what it percieves to be the head.
Then again, since some of the action happens in a frenzied pod of fish, they may not have sufficient time to look for the eyes, and stike at what they "think" is food, like brook trout will do in a brook or stream's current. (They don't have a lot of time to be picky, so they hit the lure because it represents a chance at food, not a guarantee of food.)
That's my $0.02 for the day.
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