It is most definitely about adding mass to reduce vibrations, or resonant frequencies.
Dynamat has some BS on their website about it turning vibrations into "Silent Energy"
What they mean to say, is that it adds mass.
Nevertheless, the amount of weight you are adding is peanuts compared to all the benefits you get from it. I removed the entire interior from the Z, and did matting from front to back, some areas 3 layers.... What a difference.