The accolades do not affect your earnings, except in a very miniscule hub. A Hubber looking at your profile page may be so impressed that s/he reads an extra hub of yours. Maybe if you wrote a hub about how to write on HubPages, they may find you more credible and more likely to read the hub.
Mostly, accolades do give you some feedback about your traffic, and therefore your earnings. The more hubs you have, the greater the chance that you have more traffic, particularly if your hubs are engaging and people stay on the page. The number of views affect your earnings. Your participation in the community via the Q&A and commenter level means you are more likely to be found by other Hubbers, so they are more likely to read your hubs. Any awards you win, like Rising Star or Hub of the Day, also likely meant that people came to see your hubs particularly around the time period of the announcement, and that you write quality hubs, therefore more traffic and the possibility of more earnings.