You will undoubtedly look significantly better with makeup, assuming you know how to use it. If you don't, you run the risk of looking worse.
I'm early 50s, and it takes a lot of work to look less old and tired. Makeup, yes. But grooming is important too -- I look a lot better when I have my eyebrows shaped and tinted, and my face needs good moisturizer. And people will argue over this, but most of the women I went to law school with started getting botox and fillers 20 years ago, and they tend to look better, actually a lot better, than women their age who don't. Exercise and diet matters. All of that stuff matters. But you didn't ask about that -- you asked about makeup. Yes, makeup helps; but it is only one piece of how to fight looking old and tired.