Good equipment provides an extra margin of safety so in that context yes, it helps counter the negative consequences of errant decision-making and sheer bad luck.

Going lightweight and then, ultralightweight involves serial rounds of equipment discarding and "shaving." To that end, somebody departing into the high country with a four-pound base load had best be bringing a good skill set and clear mind with him/her. A bad series of events that might normally be merely uncomfortable could have worse consequences for somebody lacking experience with a barebones kit.

(Poor equipment isn't necessarily heavy, but oftentimes is. Good equipment isn't necessarily light but the "best" is light, too.)