No it doesn't. Or, if it does, the rate is so slow I don't care. I've been washing all my white shirts, white socks and tighty whiteys in hot water / bleach since my mom taught me to do so. When my wife, then girlfriend, moved in I quickly took back over the laundry because otherwise it wasn't done to my satisfaction. Otherwise whites become dingy grays.
I use it for other things, like cleaning the bath mats, getting the coffee stains out of coffee cups - indispensable household supply in my view.
I agree. The only problem with using it on clothes, to me, was when I used too much. It turned my white t-shirts yellow. It does the same to polyester.
Clothes don't cost so much that I have to maximize their life at the expense of my convenience.
Anyway, whites get hot water and bleach. Towels get hot water but no bleach (unless they are white in which case they go in with the whites.) Other clothes get cold water and regular detergent, unless very badly soiled in which case warm water might be called for, gentle cycle for the colored clothes but regular cycle for towels and whites.
I agree line drying makes clothes smell nice and last longer, but I dry them in a dryer because it's quicker and easier and that's more important to me.
My wife just discovered line drying. For her it's a boonm as our dryer is the German kind that doesn't dry, it just sort of heats them up. It saves her running to the laundry, and when the weather's good she enjoys the time outside. She says it's relaxing. That's what I have film for.