Are class ranks important?

I’ve been reading that colleges look at your class rank more than GPA to see how you compare to peers. At my school, dual enrollment classes at the local community college are worth more than AP’s, so even though I have a 5.0 weighted GPA, I am ranked 20th out of 600. Does this hurt my chances of acceptance to top tier schools?

Should clarify that I do not dual enroll and I have a 3.95 unweighted GPA

Keep in mind that over half of US high schools don’t rank and most colleges look at UW GPA not W GPA and most top colleges evaluate holistically.

IMO, if one is in the top 5%, which you are, top 5% vs. 3% vs. 1% is not what will end up being the difference between acceptance and rejection.