To correct understeer the "sliding friction" must be addressed, of course that means taking away anything that is contributing to loss of friction, so, on a FWD car backing off the throttle does help but lifting completely off will add another force - breaking from the engine - so this will add to the understeer or suddenly induce "tuck in" - and then you spin.
The OP has a Boxster so of course we are talking about RWD so lets concentrate on that.
The rear tyres will not contribute to understeer and (as been suggested) adding a little left foot breaking will only be adding more forces to the already lost traction of the front wheels so thats not going to assist either- unless of course you have a brake bias adjustment and bias is set to the rear, which i assume is not the case.
If the Boxster has PSM then the Yaw sensor will be aware of the understeer and will attempt to induce rear wheel breaking on the inside wheel to try to recover the slide whilst backing off the power input.
ABS will also attempt to brake and release individual wheels to make the car go in the direction you are steering.
Loss of traction could be either the quality of tyre, an issue with the road surface (contaminant) wheel geometary, alignment and pressures or of course power being applied excessively in the corner.
In the event of understeer you dont have time to read a manual, consider all the alternatives so reactions must be instinctive and straightening the wheel to obtain grip and reapplying angle - with a backing off from the throttle is the most likely succesfull course of action.
ABS works by simply doing what drivers used to do years ago - cadence breaking - when a wheel locks it releases the brakes and reapplies, cadence breaking was the same thing where the driver released the footbrake and reapplied rapidly repeating this
Next time we have snow - go out and try it, adding breaking will simply cause the car to go straight ahead - and ABS is pretty useless on snow or ice too because all wheels will lock so easilly and when they are all locked the electronics dont know the car is still moving so it doesnt release and reapply the brakes - the car thinks its stopped, so, cadence breaking still has a usefull function in this modern electronic world.