You very much are underestimating it. Spinning mass helps even out very short term fluctuations in supply vs demand. Like on the timescale of tens of seconds, even when the whole grid is spinning mass. Even 10x the inertia in the grid would have maybe bought a few extra minutes, because the problem by the point the grid was collapsing was there were not enough plants online to provide the demand.
(Spinning mass on its own doesn't do much to deal with the voltage fluctuations. It's entirely something that's reactive to grid frequency, which is the most 'global' indicator of supply vs demand in a grid, since it can't fluctuate locally. But voltage and current can vary wildly in different parts of the grid, and required separate management)
(Spinning mass on its own doesn't do much to deal with the voltage fluctuations. It's entirely something that's reactive to grid frequency, which is the most 'global' indicator of supply vs demand in a grid, since it can't fluctuate locally. But voltage and current can vary wildly in different parts of the grid, and required separate management)