Yes more smoothing will boost the aim assist, but will also smooth out the aim assist bubble around the target. The closer you get to controller movements the more aim assist, and the better aim assist experience you will have. Mouse movements are completely different to controller movements, so without any additional adjustments the aim assist around a target can feel like barrier or obstacle. Smoothing can allow you to enter that bubble rather unnoticed, or say undisrupted.
This is different to the "cutting though" discussion though, which is more about keeping the low aim assist while also reducing the barrier around the aim assist bubble. This would result in a very close PC experience.
So cutting though target: low AA but low AA bubble resistance
smoothing target: High AA with low AA bubble resistance
Nowadays people only talk about the first one while the latter has pretty much not been touched anymore as most people preceive smoothing as something negative, they made bad experiences with it or in general and dont really want to give it a try anymore.