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It all depends on your perspective.
Compared to non-Europeans, the "supposed blondness and paleness of Europeans" is definitely NOT overrated.
Most non-Europeans very rarely have a lighter hair color than black (probably even someone with medium or dark brown hair will stand out outside of Europe).
As to skin color: Well, East Asians and Middle Easterners are pretty "light" too, but more at the level of Southern Europeans.
Northern Europeans really must be the lightest people on Earth.
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