I had my chassis and engine bay steam cleaned before recoating the chassis with underseal. That way, all the dirt was removed and any rust could be spotted. There was a little patch on the rear crossmember that the garage welded up for me, but that was all we found which was encouraging.
If the chassis is in good nick, then undersealing or waxoiling can help it stay that way by preventing the metal from making contact with oxygen or water, but as stated above, if you just put it over the top of rust then you are asking for trouble.