Why are you asking, and at what level of the engine are you interested in? (because the behaviour is interesting and complex when you get down to the deep internals)

At a high level, yes it will. The row qualifies for the update, so the row gets updated, it will count towards the rows affected and the row will appear in the inserted and deleted pseudo-tables in triggers (and in the OUTPUT clause)

When it comes to logging and to the actual modifications of the pages, it's more complex. It's not a simple yes/no question.