It would. Liquid fuels would still have an enormous energy storage to weight ratio advantage, but electric aircraft might become good enough to be practically useful.

I'd imagine there could be military applications too, once the energy density is high enough to be useful. If you have, say, a bunch of tanks that can run off of diesel or batteries, then you can recharge them opportunistically whenever power is available (i.e. if you're defending a city that still has functioning utilities) and save the diesel for when you have to move long distances. Basically, it makes the fuel resupply logistics more flexible, and it reduces costs and climate impact in peacetime if exercises are conducted mainly on batteries.