This phrase means that having a good sense of humor can be a great asset in any situation. People with a good sense of humor can break the ice in conversations, come up with unexpected and funny remarks, and stay cool in uncomfortable situations. Having a good sense of humor can be helpful in social settings, in business negotiations, when dealing with difficult people, or in any kind of challenging situation. It can be hard to accurately measure the impact it might have, but it’s likely that having a good sense of humor can help people in all kinds of ways.