Ideally, the plywood should be attached flush or almost flush with the wall. Maybe hang on to a set of bars and lift your feet of the ground. If the bars move at all, attaching plywood to them is not a good idea. Hard to know what to do. A lot would depend on wind speed, direction, duration and luck in determining if what you propose would be of more result in more of a benefit than potentially increasing the possibility of damage.
An ounce of prevention...
When I purchased properties in FL, one of the first things I did was prep them for hurricanes. In good weather. Without panic.
I took a different route. I would cut 1/2" plywood at least 8" beyond the windows and doors. I would mark the plywood and drill holes into the concrete block walls large enough to accomodate a strong SS lag bolt & lead shield. The hole would be slightly countersunk so the lag bolts and washer would be nearly flush with the surface. The bolt head and washer got painted the same color as the block. You could barely notice unless you got really close.
I would then completely paint each plywood panel with epoxy paint, and each panel was maked for window, door and position. The reason being storing plywood in a humid environment will lead to delamination and warping. An epoxy barrier largely prevents that from happening. It also kept the plywood from becoming saturated in the storm rain.
Each house took a couple of days to design and install.
I had a storage unit just to store the plywood panels for all the houses, the cost spread over several units.
When a storm came it took very little time to pull the panels out of storage and install them in the house. Everybody else was scampering around in a panic and dealing with supply shortages and high prices, with time slipping through the hourglass. Not me. In one day I could prep all six houses.
When I sold the houses, a HUGE selling point was the storm preparation. The incease in price was way more than the cost of installation. AND the houses sold quickly. Purchasers stated that a prime motivator was the storm prep.
I often thought about a business model based on a storm prep service using fiberglass panels instead of wood, kinda like a home alarm servive where a clent pays for installation, a monthly fee for storage, and a fee for storm installation. I'd contract with tradesmen for installation & removal.