The denial doesn't matter. The hit comes from the hard pull. If approved then there's also the hit to AAoA when the new account begins reporting but other factors matter as well.
Despite the obsession over hard pulls here they're generally a very small factor. The reason why they seem to be a bigger factor is that thinner and poor credit profiles can handle less than established profiles in good standing. Since many here are building and rebuilding they're more likely to run into hard pulls as a denial reason. However, if hard pulls are cited then there are other bigger concerns with one's credit.
