Yes it would.
Cartridge weights:
5.7x28 = 6.5g per cartridge
9x19 124gr = 12.6g per cartridge
5.56 62gr = 12g per cartridge
So for any sort of survival application on foot, one can carry ~2x the amount of 5.7 then they could 9x19 or 5.56.
50rd boxes of 5.7 are also very compact; you could easily fit 3x of them in a cargo pant/jacket pocket. 150rds is 2.15lbs, less then 2x 16oz water bottles.
This pic provides some scale. From memory, they are about ~ 1.5" tall x 3" long.
And 500rd cases come in these wonderful little 'Textbook' sized cases, which can be easily fit into a backpack.