Ok.
We all underpitch to the extent that the yeast we pitch in always insufficient on its own to ferment the wort to completion.
What we rely on is the oxygen in the initial wort to help the yeast to reproduce. That's why we aerate or oxygenate the wort. Importantly, the pitched yeast consume the oxygen to synthesise lipids (chemical group = oils, fats, waxes) which are used to make cell walls for daughter cells.
There is a limit to this. Once all the free oxygen is consumed the yeast numbers are up but they then have difficulty in reproducing (making building blocks for new cell walls).
1. If you rehydrate your pitching yeast and aerate normally the yeast will consume the available oxygen and multiply to achieve the numbers needed to ferment out your beer to completion.
2. If you direct pitch the yeast, half die (or thereabouts but just sayin). The remaining yeast will also consume the oxygen in the wort to multiply. But they also have at hand the ready-made biomolecules including lipids and other tasty morsels from their dead brethren to increase their numbers. The number of cells these lipids can provide I reckon to be roughly the same as the number of cells that died at pitching (sort of biochemical equilibrium).
All ends up pretty much at the same place really. Except you've executed all those inferior yeast cells that haven't got the balls to do a good job at fermenting beer anyway.
All yeast are not created equal.