Seems on this point, you will get different answers from different people. 10, 20, 30 years ago, it was "common knowledge" and taken for granted that low and pointy was better, and everything from the EV1 to the Honda Accord to the Ferrari F40 reflected that.
There are some who focus strictly on Cd and seem to ignore air pressure and lift, which are also essential to a well handling car.
As you said, the shape of the nose does directly affect the pressure of the air in front of the car, and this pressure is multiplied by the surface of the nose to determine how many pounds of force is being applied to the nose. Decreasing the vertical surface of the nose has the double effect of lowering the air pressure in front and also decreasing the area of the body which is exposed to the highest pressure anywhere on the car's body.
The two pictures above illustrate how the shape and airflow around the car affect the air pressure. The red zones are above atmospheric pressure and the purple zones are below.
The shape of the nose also does directly affect how far ahead of the car the air is disturbed, and in which direction the air moves out of the car's path.
A very low stagnation point will direct more of the air over the top, greatly reduce the air pressure and turbulence beneath the nose, and increase the pressure above the nose, which together have a dramatic effect on downforce and stability. The lower nose will also push less air ahead of the car.
Many of the new cars are also tapering the nose much more in the overhead view, angling the headlights sharply back to direct more air out to the sides. This also reduces the surface of the nose which is perpendicular to the airflow, and at the same time decreases the turbulence at the sides of the car.
It is true that lengthening the car increases friction, but friction is a quite small fraction of the total air resistance.