california is such a big state that the answers are different in different areas. I know that where I live, water is a constant topic, but the fact is we have been depleting fossil water for a long time to grow crops. In the dry lakebed rift valley that I live in, irrigation by pumping from wells started in earnest in the 1950's. Average well depth to water was about 50 feet. Now, all the old wells are being re-drilled to hit water, at an average of 350 feet. So a few feet of moisture from winter would take a long time to refill the aquifer. There neighboring mountains send their streams into the 5000 feet deep lacustrine deposits but the ranchers wouldn't be paying for digging wells deeper if they didn't need to.
In the central valley, almonds are the super water user. There are a bunch of schemes to capture excess water for recharge during floods by diverting it into fields and orchards when the streams are flooding, with some success, but the floods happen at the wrong times for some crops. Almonds, for instance, are in full bloom now and would not do well with being flooded.
One winter of high moisture is not going to make up for 20 years of drought, but it is a start. As to fire hazards... late season moisture means more fine fuels when the grasses and forbs dry out later, but percentage wise, not a huge difference. We are a fire driven ecosystem, so whether it is dry or wet in the winter has little impact on fire behavior in August, every year is a bad fire year by other state's standards. The Mediterranean climate is just going to be that way, it is how the system evolved here. Climate change at the least will cause more weather turbulence as more energy is applied to the oceans, it sure seems anecdotally so far that extremes are to be expected almost routinely.
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