No, not really — maybe among casual watchers who reckon Zidane and Ronaldinho are the best ever and Ramos is the equal of Baresi (don't mean this in a derisive way, mind...they are perfectly entitled to those opinions, it's just that they're not entirely reflective of the players' standing). But before the rapid ascent of Cristiano in recent years, Platini was widely in the contention for the #3 rank among European players with/after Puskás and Eusébio (and Meazza if you want to cast a wider net), so he is not particularly underrated. Most French posters also consistently rank him above Zidane and Kopa — which is worth noting.
Though I do think that he could have possibly been rated on a comparable level to Beckenbauer and Cruyff if he had played in more significant clubs than Saint-Étienne and Nancy till his late-ish 20s and managed to land France's first World Cup title as the conductor-in-chief of the Carré Magique...to go with the special 1984 European Championship title (and performance), his part in leading Juventus to the summit of continental football, the sheer consistency of his performances from the mid 1970s to the mid 1980s, his command/insight on the ball and set piece prowess, as well as the fact that he's one of the rare #10s that were midfielder/forward hybrids wrt. being GOAT passers/controllers and GOAT caliber scorers from the hole (most notably in Serie A where he landed 3 Capocannoniere titles on the trot...a feat matched by only overall record holder Nordahl).
On a tangential note, in terms of the linear, reductionist narrative of football: of all the players that Maradona (and his profound dribbling talents) screwed over, you could argue that Platini's legacy (and potential standing in the hall of greats) took the slightest but most poignant tumble — as he was consigned to the fate of a lesser god in the awe-inspiring presence of the Chosen One™. The momentum had been building for a while with slight sensationalism from El Gráfico and El Mundo even though Platini won 3 Ballon D'Ors on the trot — but the barricade was fully and finally torn apart after the events of 1986 (and Diego era Napoli to a lesser extent as comparisons were made between them and the star studded Juventus from the preceding period). Same goes for Zico, whom I'd rate just a smidge lower.