The testes make testosterone, which does a LOT of different things.
Castration completely eliminates the sex drive of some people, and drastically reduces the sex drives of others. It also usually causes impotence. Sometimes it causes shrinkage of the penis, or feminization/breast growth. It often reduces physical streangth Sometimes it causes depression or osterosis. At 16, it could have effects on your growth. Yes, it prevents baldness and growth of body hair.
You can take tesosterone supplements, but then you are committing yourself to taking medicine every day for the rest of your life. This can cause long term side effects or be expensive.
Talk to your doctor and visit some cancer forums to talk to people who were castrated. I don't think a 16 year old is ready for this decision.