It probably helops cooling a little. I threw my 93 SW2 cowling away 5 year ago when it came off, so it can't help much!
I found that my cowling did a LOT for engine cooling at highway speeds on my old '94 SL2. It was taken off when we had the car modified for towing but we added it back on after watching the temp needle stay way too high on interstate driving.
It definitly serves a purpose and I would highly recommend getting it fixed as opposed to throwing it away.
Yes, that is actually an air dam and it directs better airflow to your radiator, so it does actually serve a purpose. A few ppl have removed it for esthetics but the majority of ppl have found that it is a functional necessity. When I git my 94 SL2, it was missing. I live in So. FL. where it has been very hot the last few yrs and missing that lower dam made a big difference on highway temperatures, especially in stop and go traffic. Having Saturn replace the piece was expensive but necesssary. I soon noticed how amny front-ends are scraped and broken off by drivers who park right up the cement stop, thus breaking and tearing off this piece when they back out. Since then, I always eyeball a min of 1/2 to 1ft. of space between that cement and my front end when parking at the store or wherever. Saturns are small enough that you should have plenty of room that you dont have to park Hellen Keller style, and you will save some money in the end. marx404