It depends on who you are asking and in what context.  Do titles matter to others - yes.  Perhaps that is why banks give a whole lot of people the title of VP for positions that in other organizations would not merit that title.

Does a title facilitate your leadership?  It can certainly help in an organization where title matters and has people listen to you as a leader. Seems to me the pygmalian effect applies directly here.  On the other hand, with a title also comes expectations of others and often a quickness to judge and even a propensity to tear down.  We want to be led, but don't particularly like it when someone has power over us.

Clearly you have earned this title and you have grown into this position of leadership.  You are beginning from a position of strength.

Whether our title matters to us is an entirely different matter though.  Those who hide behind their titles, using them as a mask to project a false sense of leadership or simply a feather in the cap of their ego are likely to fail as leaders of others even if they do great work as an individual.  And those who only care about the title because it means more money, also don't care much about leadership.

It is those who care about making a difference and are committed and courageous enough to lead regardless of their title will perhaps see their title as nothing more than a "tool" of sorts that can facilitate accomplishing meaningful results.  Those are the people who become the best leaders of all.