Would not have helped, she took a direct hit in the powder magazine.
Part of the refit would have improved protection from plunging fire so it is possible that she might have survived the hit if it didn't penetrate to the magazine. One problem the Brits had is with few exceptions they did not put their capital ships through multi-year overhauls and rebuilds like the U.S. Navy did. The Hood was in commission pretty much continuously from commissioning until sinking. Her yard periods were short and limited.