It means that everything gets better with time (i.e. a wound
heals, scars fade, emotional hurts aren't as bad, etc), but as the
years pass we also age (i.e. wrinkles, bags, liver spots, etc),
which doesn't make us look better. Therefore time is a great healer
but a poor beautician.
Related Q&A:
What is the meaning of Time is a great healer but a poor beautician?-Well, you know, when people say \Time is a great healer but a poor beautician,\ it basically means that over time, our emotional wounds and pains tend to heal. Like if you've gone through a tough breakup or a sad event, as time passes, you start to feel better and move on. But at the same time, time isn't so kind when it comes to keeping us looking young and beautiful. It causes wrinkles, gray hair, and all those signs of aging. So, it's like time can fix our hearts but not our looks, if you get what I mean. Oh, and that's the gist of that saying!