I think it helps really. I remember years ago reading about keeps in the prairies actually shoveling snow around their hives.
The pictures from 2 years ago illuminated how well snow insulates. The hives that were completely buried (most of them) all had about a 3 to 4 inch hollow around them that had been created by the warmth emanating from the hive itself. With the exception of the snow on the roof, each hive had a cavity around it, sort of like an igloo.
I welcome this latest snow, if only for that reason. If they have enough food, let it snow, let it snow, let it snow.