Murray pulled out after being forced to retire with the injury midway through his match against Marcel Granollers in Rome last week.
Former British number one Henman said: "It's a mature, professional decision and it could potentially help him on the grass.
"You don't want to be missing events like these - the French Open is a huge event - and Andy will be bitterly disappointed, but if he can come back fresh and recharged, it may help him.
"At Wimbledon, I could very easily make a case for all of the top four players in the world, particularly if Andy can arrive fully fit."
Henman, who will compete in the Statoil Masters Tennis at the Royal Albert Hall in December, revealed there were decisions in his own career he had cause to regret.
They included a Davis Cup tie against Thailand in 2002, in which he sustained a shoulder injury which ruled him out of the following year's Australian Open.
Henman is relishing his return to the Royal Albert Hall, saying: "There's nowhere in the world quite like the Royal Albert Hall to play tennis.
"It's a wonderful venue with a great atmosphere because we get fantastic crowds every year. I can't wait to play there again."