Yeah, it can help, but only for more minor impacts... And its called "rim rash." And most people with rims beautiful enough to protect wouldn't want to hide that beauty under an ugly hubcap...
That's right. Road rash is when you dump a bike, lol. An alloy wheel would have to have a particular profile to accept a hubcap, I assume. The Gen5s have that-an aero hubcap over an alloy wheel that's not hideous, in my opinion.