Wrong.
Job application. Have you ever been arrested? No job.
Mortgage application. Have you ever been arrested? No mortgage. No house.
Rental application. Have you ever been arrested? No apartment.
These are just a few places you will have the door slammed in your face. Now, the OP was lucky, because the matter was dismissed, the arrest record evaporates. If he was convicted of even the most minor criminal offense because the judge was having a bad day too, his life is now fucked.