I recently attended a talk by Dr. Nina Kraus of Northwestern University [1], her main thesis was exactly that, based on evidence from many studies: playing music (even badly) has an incredible effect on cognition. In particular on speech comprehension, which of course has a strong relationship with rhythm [2].
[1] http://www.brainvolts.northwestern.edu/ [2] https://www.youtube.com/watch?v=INt4GGr-EGU