Of course.
Unfortunately the shadow detail normally sits right down on the toe of the curve - at about 0.1 above base fog. If you under-expose, the shadow detail drops below this threshold and is not recorded.
Pushing the film under-exposes the neg, but extending the development time increases image amplification and moves it back up to a useable position - in effect you are 'fooling' the film into thinking it has a higher ISO.
The increased dev time increases the size of the silver grains formed in the first development which results in a grainier (noisier) film. The slope of the curve is also affected to reduce shadow contrast and increase highlight contrast.
Base level fog is increased slightly but as this is in the shadows the effect is minimal. Some extreme shadow detail will be masked a little - but the information is still there and recoverable if you scan it.