In the simplest terms, total drag is coefficient of drag (Cd) times area (A). The underside of a car is very aerodynamically dirty, and an air dam increases frontal area (A) to direct air away from the underside, significantly improving the coefficient of drag (Cd). A belly pan can reduce Cd without increasing area. I imagine the less air going under the car the better, but it might not actually work out that way on some vehicles with huge ground clearance.
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