While I have to agree that fat arms or 'wings' are indeed ugly, especially when the fat bunches up around the elbow, it's certainly not something I would care about or consider a reason not to love someone for, either.
Guys who care about fat and looks will always be turned off by fat, it's as simple as that. Luckily most guys, especially the types who will be looking for a nice long relationship as well, won't care about fat arms and such.
So in answer to your question, some do, some don't, the ones who do will quietly insult you in his head or to his friends from across the room, and the ones who don't will be viable choices for your later relationship. And he certainly won't care if he's the one for you too. :)
Hmm, I used to have fat triceps, or 'wings' but I got rid of them by lifting a dumbell a lot at nights. Turn the fat into muscle which won't wobble, I guess. Still...they say muscles on a girl are a slight turn off, but if you tone them up right, it shouldn't be too bad, I guess. Can't really say.
Hope whatever you choose to do, you feel better about yourself soon. :)