Yes, and cities with lots of trees are way more livable due to this. Planners in our town seem to hate trees with a passion, thank god we‘re moving away from this concrete desert.
Trees in cities are expensive to maintain, which is why they're often on the chopping block when budgets get tight. This is especially true in places like Las Vegas where there is little natural tree cover due to the climate. You have to have a staff of arborists to keep the trees alive in such a harsh environment.
Indeed, the town I‘m living in was 80% destroyed during WWII and that still shows in its finances. It’s amazing how long major disaster affects a region. Big drug issues, highest cancer rate in the country etc
The problem is that to get these effects you need large canopies of trees, and to get that to happen the trees have to take the space of something else. For street trees it takes away land from parking or traffic lanes; for properties it occupies both horizontal and vertical square footage since the sky above the tree needs to be clear. These are unpopular with some political affiliations and interest groups.
Even without any evaporative effect, the air cooling of leaves (at least bringing them to the surrounding air temperature) happens more easily than that of concrete pavement due to height and larger surface area. The concrete can easily get heated much hotter than the air at even 10-20ft.
Wrt. water consumption - Mediterranean species like say olive trees are kind of optimized for low water consumption, by for example having leaves covered with wax-like stuff decreasing evaporation.
Mostly the benefit is instead of having the concrete under you absorb and emit the sun, the leaves above you do.
This dramatically reduces the heat we feel at human height.