This doesn't exactly wipe the slate clean on exposing himself in a Florida theater. That very public, embarassing arrest hurt his Pee Wee Play house show on Saturday mornings on CBS and his reputation for quite a while. He did, to his credit, successfully resurrect his acting career in the original 1993 Buffy: The Vampire Slayer movie so there was some sense of moving on.
His arrest for publicly exposing himself and the public perception of him possibly being a paedophile or liking to view child pornography did significantly hurt his career as a popular children's TV series host on Saturday mornings on CBS from mid-80's-early 90's. Him being viewed as a bit of a creep back then hurt his popularity and marketability as an actor and performer.