When someone is potentially choking, does raising both hands up in the air above your head help in any way? or, is this simply an old wives' tale?

Nope: Raising your arms while choking is about as helpful as pumping the arms in cartoons clears water from the lungs. If the person is unable to clear the object, the best next option is the heimlich. It is important to learn how to do it properly and don't be shy if you have to use it. You can also learn how to do a modified heimlich on yourself if needed as well.