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'may be understated' is correct and can be used in written English.
You can use it to express that something could be less than what it actually is. For example, "The impact of the new policy on the local economy may be understated."
Exact(32)
'There is a good reason why it may be understated.
Some economists suspect that China's growth may be understated.
But this may be understated because of lower occupancy rates in expensive downtown apartments.
Moreover, while he may be understated, the Stage Manager occasionally offers up certain verities.
The figures may be understated because the data excluded contracts for indefinite quantities of goods or services.
The tragedy in Ruckert's lyrics may be understated, but it's still almost unbearable when sung as it needs to be.
Similar(28)
Mawae may be understating things a bit.
But Zucker may be understating the likely drop-off.
So the GDP figures may be understating growth.
He may be understating the costs of higher inflation.
Mr. Fulbright may be understating things just a wee bit.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com