What matters is the value that your work delivers to the business. If you write software that consistently delivers value and has significantly positive impact, it should speak for you. If you work on unimportant projects with little or no benefit or impact to the company, it will not help you, and you should also wonder why you're wasting your time on it anyways. Certainly when it comes time for the business to execute cost-cutting measures like in times like these, they will wonder why.
Then there's politics which can render all of the above moot. It's unfortunate, but that's how humanity rolls. If you work in a large company and wonder how some totally useless and unimportant projects that cost the business money hand over fist manage to survive even during tough times like these, well, now you know why.