I would most certainly expect it to. However this is so easy to test for
yourself (set a timer up and stick some debug output).
My general advice on timers is not to set up periodic ones (regardless of
technology). Fire a single shot one and restart it if you need after it is
done. I am sure there are scenarios where you truly need a periodic one but
I have not come across one that is not handled by restarting the timer in
the callback.
Update: Just did a quick test and my expectation was correct.
Cheers
Daniel