Round-trip efficiency for electrolysis (electrical energy -> electrolysis producing H2 -> fuel cell producing electrical energy) is around 40%, I think. Throwing away 60% of your energy is better than throwing away 100%, but it's not a great option.
Pumped hydro storage, battery storage, compressed air storage, thermal energy storage, kinetic energy storage are all better options as far as efficiency goes. Cost, power delivery, dispatchability are all considerations that will all drive the selection of energy recovery systems.
Personally I'd love to see V2G come online with EVs. Use the 60-80% range of my battery to handle minor grid fluctuations, keep the battery topped off for my selected departure point. It can potentially be a win for consumers (cheaper fuel) and a win for the power companies (cheaper energy storage in the form of customer-owned batteries).