If the aerosol holds more than 100ml (even if it's actually two thirds empty) it's automatically barred from being carried in the cabin under the security rules unless it's purchased after the security checks. However, given that aerosol cosmetic products are sold 'airside', you can clearly take such products in your cabin baggage.
Aerosols are only specifically excluded from hold baggage (or, indeed, from cabin baggage) if they contain flammable substances (which would, for example, include hair spray). However putting an aerosol into the hold is probably unwise; if the can is of weak construction the pressure difference could see it burst open, distributing its contents throughout your suitcase!