There are clean-shaven masculine men, and there are clean-shaven soyboys.
There are bearded hipsters, and bearded rednecks.
It’s about as meaningful or not as shaving your head or not.
Some men have recently grown ‘covid beards’; others who had been bearded have gone clean-shaven instead.
(I know men in both of those categories; I’m in one of them. Doesn’t mean I think it means all that much.)
It’s just fashion; like much fashion, its meaning is individual, not collective; different things to different folks. Why people think one can generalize about this, I have no clue. I know I can’t be arsed to care about others’ choices.