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Is there any value in terms of security to create a random string for the database name in Wordpress? So
instead of creating a database called "my_awesome_blog_db" I would instead name
it something like "1JD1DJvf9f3hKIYyX". Is there any benefit in naming the database this way? Is it more secure?

Thanks!

Yes, Its necessary to change your wp database default table prefix. Because many automated scripts, sql injection and malicious codes target the various default database tables. So, the smartest way is to change the db table prefix to something obscure and difficult to guess.