Only a little bit. Just clicking around, a new Hawaii cable is supposed to have 24 Fiber Pairs and 18Tbit per Fiber Pair at the end of this year. If you lose several tbits of bandwidth, you're going to have a hard time making it up with satellite.

For small island countries and such, satellite capacity may be sufficient; and it is likely helpful for keeping international calling alive even if it's not sufficient for international data. But when you drop capacity by a factor of 1000, it's going to be super messy.