Missing school does affect a child's education,and the very worst time is at the beginning of the academic year. The class is in a new situation, new timetable new teachers and new rules; the child who misses the opening week is always slightly out of step with the rest of the class. Timetables are very tightly scheduled, learning something new every lesson; it is difficult to reinforce learning when some pupils have missed out on the introductory stages and catching up with a TA is no substitute for being in at the start of a new topic. The SATs, optional and Key Stage, revealed gaps in learning and understanding that were clearly linked to absences ; I can't remember now the particular topics but it was most evident in maths.
In my last year of teaching (2011) 17 out of 34 children in my class, 50%, had absences of at least a week; several children had three weeks holiday at the beginning of term because it was cheaper.. I had one TA, not full time, who was assigned to a child with very specific special needs, and his parents resented her attention being directed elsewhere than with their son.
Most parents do it, not to save money, but so that they can have longer holidays, and are completely unconcerned with the children's education, and clearly like to boast about it.
This post will be followed by tales of children achieving, wonderful results and amazing jobs. Well, some do, but an awful lot don't.