Yes, I believe a good power conditioner and power cables will improve your sound quality because that's been my experience. But, it may not be yours or at least not to the extent you think it important. One of the joys of this hobby for me is the pursuit of even small increases in sound quality, some times at what others consider substantial expense.
The first thing I'd recommend is a dedicated 20 amp line for your system only. Have a good electrician unit from the box to your system from a quiet, isolated portion of your box and make sure you have a good ground connection as well. This work is usually not too expensive. Probably the biggest benefits of better circuitry is the increase in wire gauge from the box and better receptacles that come to you with the process.
Then get yourself a decent power conditioner from your local dealer on trial. They come in all price ranges and won't choke the transients out of your amplifier like the Panamax is likely doing. In fact, plugging the amplifier directly to the wall may still be best. Just unplug it when storms come.
Next, try some well regarded power cables. All this equipment is system dependent. AQ's best conditioner didn't do as well for me as Shunyata but their top power cables are terrific. Your experience will likely be different.
But, this pursuit and the thrill of listening to life like music are what it's al about.
Enjoy...