That depends if you were to apply and have approved a non-immigrant visa waiver.I believe it is called I-192 and is valid for up to 5 years if approved but you must always travel with it and the approved non-immigrant visa every time you return into the US.There is also still the issue of the immigrant bar being in effect dependent on how much unlawful presence has been accrued.
It affects both equally.Unlawful presence accrued after 18 years of age is key to knowing how any undocumented is affected by the immigration bars specifically.