Yes, it does. It is proven in a video I don't remember and I live longer vertically by doing it. Try with a Snake Utilt with no DI, just uair momentum canceling, and you'll discover I'm telling the truth, living a bit longer by fast falling Uair instead of fast fall Bair. Ally uses Uair to momentum cancel vertical knockback, which is the right way to do it. I don't know why does Snake live longer with FF Uair, but it is so. FF bair lives longer than do nothing to stop the vertical knockback, but FF Uair allows to live EVEN longer.
Basically use bair to survive horizontally, and if you are too close to the top, FF Uair.