Makeup can both define and hide, and applied thickly enough (as in your example image), it can obscure the natural facial features and redefine its contours.
I would venture to guess that an older woman would look fairly similar in the after picture, given the same makeup job. The “before” picture was shot in natural light, without obvious filters or Photoshop, while the “after” looks digitally altered and professionally lit.
Older women, by the way, are often told to go light on the makeup, because heavy foundation and eyeliner can settle into wrinkles, making them appear more prominent. (Just as heavy makeup can sometimes make a young person’s acne scars look prominent.)
Most of the time, women aren’t going to be walking around with heavy stage makeup and dramatic contouring, though. And there are other signals, such as the person’s figure, that balance out the aging effect of the makeup.
In light makeup, shot in natural light, the model’s age would probably appear pretty much the same. There is too much going on, outside of the makeup, to evaluate these photos on equal footing.