Lessons from Archaeology Archaeology has come a long way in the past hundred years. We have, not only relics, but monuments and murals, along with statues, from which we can draw pictures if the ancient people groups...and Empire rulers.
A scan of these pictures in Archaeology books shows the cosmetic features of the ancient peoples that the Israelite nation intermingled with. Kings with "ringlets" or some with wavy hair were common. Beards manicured with stylish features are seen throughout. Assyrians, Babylonians, Egyptians, Canaanites all engaged in barber shop manicuring.
But throughout the Patriarch and Mosaic eras God warned the Israelites to maintain their unique different identity. They were not to become like the peoples they were to encounter. Neither adopt their gods, unclean eating habits, immorality...or cosmetic features and styles. The early Israelites were agrarian, and manicuring their hair and beards was nor first on their list in everyday work. Grooming was simple. Full beards, and hair bunches...not too long and not too short were all that was necessary. They weren't styled to attend palace banquets...just attend sheep and goats! This identity was to remain theirs. And it would help keep them separate and prevent the culture drift that clans often succumb to.
Modern Application While modern Christians are not obliged to keep the details of the Law--it has been nailed to the Cross--yet the principles found there are to be observed: Piety, morality, integrity, charity, family, etc. These passages (about hair and beards) highlight the tendency of young people to want to conform to the culture around them. Preventing assimilation to surrounding culture is a constant struggle between parents and their children. Moses's decrees give strength to parental authority. Culture drift is a constant danger! And any help is to be appreciated.
While the Torah dealt with "men" and their attire, the New Testament Apostles Paul and Peter dealt with "women" and their cosmetics habits* as well:
In like manner also, that women adorn themselves in modest apparel, with shamefacedness and sobriety; not with broided hair, or gold, or pearls, or costly array; but (which becomes women professing godliness) with good works. 1 Timothy 2:9-10)
Likewise, you wives...whose adorning let it not be that outward adorning of plaiting the hair, and of wearing of gold, or the putting on of apparel. But let it be the hidden man of the heart in that which is not corruptible, even the ornament of a meek and quiet spirit, which is in the sight of God of great price. (1 Peter 3:3-4)
Both with men and women, there is to be no "legalistic approach" nor judging of one another over style---different cultures differ---but the awesome, God-inspired principles of modesty, simplicity, holiness, moderation, and ministry, etc. are to remain in the forefront of conduct.
Parents (as well as pastors) are obligated to be thankful to Moses for bringing this to our awareness in his Pentateuch. We are a holy people, a prized possession, a godly kingdom...
Addendum
Linguistic Research It should be noted that the verse quoted by the OP was an English translation of a Greek translation of a Hebrew text! The LXX translated by Alexandrian Jews does not always follow the (what we now call) the Masoretic Hebrew wording. Notice the modern translations into English from that Hebrew text:
Do not cut the hair at the sides of your head or clip off the edges of your beard. (NIV)
Ye shall not "round" the corners of your heads neither shalt thou mar the corners of thy beard. (KJV) ["Round" is an old English word meaning "to trim hair short around the head" THOMPSON CHAIN REFERENCE BIBLE, p. 1808]