Yes, women's rights are being harmed by the images the media presents. It is my belief that the media devaluing women based on their looks or other shallow criteria affects their rights. In many ways we have come far enough to have rights freely, but because of the media, what are the girls that will be the next generation seeing as value? We are telling them they can be anything, but they are seeing online, on TV, and in magazines that their true worth comes from their outer beauty.
Any time there is a female celebrity being celebrated for their beauty in this way, such as through a special photo shoot or video, there are always those who will decry the event as detrimental to women's rights. I, however, would argue that, as long as there have been humans, people (both men and women) have used their looks as a tool for their own betterment, that indeed it can be a source of agency to empower the individual, and clearly, Penelope Cruz has done a good job of leveraging her beauty to further her career and bring greater prestige to herself, not disparagement.
Magazines produce covers that tout "Sexiest Woman Alive" or "Sexiest Man Alive." Both are completely inane but also benign. The fact that anybody purchases these magazines sets us back as human beings. Our superficial focus on celebrity and our myopic outlook on larger matters is sad. The magazines sadly, exist because people care to read them.
I don't know very many women who wouldn't want to be on the cover of a magazine because of there beauty, let alone on a cover like the one Penelope is on. If women think that covers like this would effect women's rights, then why on earth are women allowing themselves to be on covers like that?