Electricity generation is pretty cheap and doing it 10x more wouldn't be too hard. In fact if it fixed our CO2 problem, it would be an oustanding deal.
Hydrogen is more efficient though.
It's awkward and relatively unsafe to handle, and has low energy density.
You'd be better off making eg synthetic petrol.
(I don't know enough about rocket fuel.)
Of course, making that plane fuel will cost energy. But probably closer to eg 2-3x the energy regained on burning than 10x.