UnderTow is a fantastic tiki bar, arguably one of the best I've ever been to for vibes, atmosphere, and drinks. Honestly, I would rank it above Trader Sam's in its current state. I highly recommend checking it out.
If you go to the Arcadia location, Platform 18 and Grey Hen are also apart of the same complex, and are really great too. The former immerses you on a train car setting, and has some pretty unique offerings as well.
To some extent yes, but some tiki bars like Undertow and Trader Sam's go above and beyond with theming. Undertow has a really great dynamic lighting and sound package, as well porthole "windows" that let you see the ocean go by through screen media.