The Italian is clear favourite to take Hamilton's seat alongside George Russell when the seven-time world champion leaves for Ferrari at the end of the year.
Antonelli's Italian Grand Prix practice debut lasted a mere 10 minutes at Monza before he lost control and smashed into the barriers, bringing out red flags.
"Zero effect. I think the most important (thing) is to hire based on ability," Wolff told reporters when asked if the crash would have any bearing on the driver's decision.
"An FP1 (first practice session) that's gone wrong is not the reason why you decide for or against a driver," added the Austrian.
Mercedes have identified Antonelli as a special talent, one potentially capable of being compared to Hamilton and Max Verstappen.
Wolff said Antonelli was fine, after a crash whose force he put at 45G, and felt confident in the car. He was likely to get another practice opportunity at the Mexican Grand Prix in October.
"He's a rookie, he's very young, we are prepared to invest into his future and these moments will happen and they will continue to happen next year but there will also be a lot of highlights," he added.
"We'd rather have a problem in slowing him down than making him faster, because what we've seen from one-and-a-half laps is just astonishing."
Wolff said Antonelli had apologised after the crash for leaving them with a car that "looks a little bit like a Lego box falling on the floor".
He felt the Italian was "just bitten" by the high speed circuit's new asphalt and tyre temperatures and had been carrying a heavy burden with a home debut but would recover from the setback.
The Austrian said he had told Antonelli before the session to go out and enjoy the moment.
"I said to him also to take the pressure off (that) we live in our micro-bubble here, nobody is interested in FP1 anyway. Whatever happens, happens and we just get on with things. I told him the same after the session," he added.
"In our industry, we perfectly understand who is capable and not... it has been a while that an Italian driver was in a top team so I am sure this can be a lot for an 18-year-old."