It absolutely helps. It’s expensive, especially if you are converting a community to underground. I grew up in a city that was fully underground except for the main huge grid line that runs through the state. I can barely remember losing power ever. My parents still live there and I can’t remember the last time my mom mentioned losing power.
My current area, The Villages, has the same situation, we rarely lose power. My specific part of The Villages we are connected to above ground lines very close by and we did lose power during Irma for a day, but the majority of The Villages didn’t lose power.
When an underground wire has a problem it’s more of a hassle to fix it.
Some side notes:
During hurricanes sometimes parts off the grid are purposely shut down by the power company. If there is reason to believe live wires are down they cut the power to reduce the chance of people getting electrocuted. So, you might actually have the ability to have power, but several blocks away the dangerous situation causes the power company to cut off that section of the grid.
Worth mentioning it is so much prettier not having power lines everywhere.