Originally composed last night but not posted then due to the database error:
The plywood would need to be securely fastened in place somehow. If not the plywood bouncing around between the bars and the window in the wind might break the glass. Someone posted a video in one of these hurricane threads for Irma showing a way that does not require putting holes in the building to secure the plywood. (edit: others have since mentioned plywood held in place by 2x4s, bolts and washers - this is what I am referring to)
If your bars are not curvy ornamental affairs, attaching the plywood to the outside of the bars should be straight forward and would probably prevent flying debris from reaching the glass and reduce the intensity of head on wind.
Because there will be a gap between the wood and the window frame, sustained lateral winds could exert substantial pressure on the wood and thus the bars themselves. If the bars are not adequately secured to the building, strong enough winds pushing against the added surface area of the plywood in a direction away from building may be enough to rip the bars and the wood from the structure.
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.
I sure would not attach the plywood to the bars, you simply create an airfoil and when hurricane strength winds get under it......