Depends on the tank.
AHRMA bikes use fiberglass tanks a lot, but they're not the average crap you pick up on Egay for $150, these are molded vacuum bagged epoxy composites, same stuff they use on experimental planes (spaceship 1), so a good one isn't going to go cheap. And yes, these tanks do hold up to a crash (the good ones), fiberglass has the tendency to hold up to stress without deforming right up to the point of failure, so where your alloy or steel tank will get a nice dent in it, the fiberglass tank will probably bounce. I've actually tested an old tank that I made a while back with a claw hammer, and I couldn't break it for the life of me. So like anything, you get what you pay for and there is the possibility of getting screwed, but yeah, fiberglass tanks are the shit!