You earn money when people view the ads on your hubs. Therefore if you have more hubs, you have more ads to be viewed as well as a larger audience to view those ads.
Hubscore affects earning in the way that people on hubpages are more likely to read a hub with a high score and I think it ranks a little bit better in google. So a higher hubscore might get you more traffic which equals more views. But otherwise there isn't much relation.
The actions taken to get accolades such as commenting, interacting in the forums, and answering questions can raise your hubber score but will not help you earn more. These actions can help you get more readers in the hubpages community which will earn you money.
In conclusion, the thing that affects earnings the most is how many high quality hubs you write, not what the individual hub scores are or how many accolades you have.