Given President Obama's high approval ratings among Democrats and near-universal approval among African-Americans, this will have an impact. It certainly doesn't hurt Clinton to have the favor of the most powerful elected official in the country. Lower-ranking officials in the party and its affiliates have taken note of President Obama's preferences and acted accordingly. It is no coincidence, for instance, that former Attorney General Eric Holder appeared in a TV ad in South Carolina endorsing Clinton:
http://www.politico.com/story/2016/02/hillary-clinton-ad-eric-holder-218624
That said, it is probably wise for the President to not act too blatantly on his preferences. If he got out there and began openly campaigning for Hillary during the primary, it would make it look like the White House was trying to bigfoot the situation and install Hillary's nomination via fiat. The crucible of the presidential campaign is something every candidate has to walk on his or her own and no one knows that better than the President.
Yep. If Clinton can't beat Sanders, she doesn't deserve the nomination. And if the Democrats nominate Sanders, well we'll deserve what we get.