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.
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. Actually they did. The 5 Queen Elizabeths all had a rebuild in the 20s and early 30s. The Royal Oak got a rebuild to the standard of Malaya, the last of the QE rebuilds, before it was decided the 'R's were too small.
In the mid-late 30s the Warspite, Queen Elizabeth, Valiant, and battlecruiser Renown got rebuilds costing as much as their original build. Barham and Hood were next on the list, to be followed by Nelson and Rodney, but a tiff with Germany intervened,
hypothetical later Hood 