It depends on where you live and how much salt they put on the roads. In Ontario, I suspect they use more salt than the international fish market, so perhaps undercoating is worth it. Like paint protection, undercoating is a low cost, HIGH profit margin process for the dealer or shop that puts it on.
Also, consider that most modern day vehicles are rustproofed extremely well right from the factory. I have never undercoated any car I've bought in the past 20 years and none have developed underbody rust. For those of us on the prairies, undercoating is NOT worth it if you are getting for extra rust protection.
However, undercoating serves another purpose and that is to add a bit more insulation from road noise. If that's what you're after, then it's worth it. In general, it is not.