Gee, this is a very difficult issue to parse. Here's a recent paper that demonstrates that it doesn't:
Abstract: The minimum legal drinking age (MLDA) is widely believed to save lives by reducing traffic fatalities among underage drivers. Further, the Federal Uniform Drinking Age Act, which pressured all states to adopt an MLDA of 21, is regarded as having contributed enormously to this life saving effect. This paper challenges both claims. State-level panel data for the past 30 years show that any nationwide impact of the MLDA is driven by states that increased their MLDA prior to any inducement from the federal government. Even in early adopting states, the impact of the MLDA did not persist much past the year of adoption. The MLDA appears to have only a minor impact on teen drinking.
http://www.nber.org/papers/w13257
"The Atlantic's" gloss on the paper:
Public Health
Big Government, Small Results
Turns out Uncle Sam hasn’t done that much to stop teens from drinking and driving. The official story goes that the 1984 Federal Uniform Drinking Age Act, which threatened to withhold federal funds from states that didn’t raise their drinking age to 21, ended the glory days of teens driving to another state to get drunk and then careening home. According to federal estimates, pushing a uniform minimum drinking age nationwide saved 21,887 lives through 2002. New research argues that it wasn’t so: By studying state-by-state data, the authors found that most of the reduction in fatalities came from states that had raised the drinking age before the federal law went on the books; in states that raised the drinking age to comply with the federal pressure, there was little effect. Furthermore, fatalities in states that raised the age early dipped only briefly; in the other states, they either remained steady or increased after the age was changed. The authors conclude that the overall reduction in traffic deaths has had more to do with safer cars and better medical treatment for accident victims than with policies handed down from on high.
—“Does the Minimum Legal Drinking Age Save Lives?” Jeffrey A. Miron, Elina Tetelbaum, National Bureau of Economic Research
http://www.theatlantic.com/doc/200710/primarysources