No, I don't think it looks worse to lower a car despite the change outlined by OP.
Lowering a car gives the illusion of the cars belt line being lower and sleeker by placing the highest point of the wheel/rim closer to the highest point of the belt or fender line. This has a foreshortening effect to the eye making it see a car that is not nearly as wide on the side and therefore sleeker.
Yes this changes the wheel arch/tire "symmetry" describe above, but it also tricks the mind into believing the car is not nearly as slab-sided.
In the 50's-70's the belt line of most cars was rather low. That made cars look sleek and fast, but did very little to protect the occupants. Over the years the belt line of cars has gotten higher as crash safety requirements have grown more protective. As a side effect of that wheel size has grown from standard 13"-15" wheels to standard 16"-20" wheels. It's also the reason why newer cars tend to look "better" lower.
