To answer your question, yes it will.
That said, 5200 is an adhesive that was originally formulated to attach boat decks to hulls. It takes a week or more for it to completely cure, and once it's cured, it's there for the duration. You have to cut or grind it to get it off. Depending on your application, there may be a product out there that is easier to work with and wouldbe better suited for what you want to do. I've seen fiberglass laminates pulled apart trying to remove deck fittings that were bedded in 5200. You might want to checl out 3M Fast Cure products. I've used them to put in thru-hull fittings and they are a very good product, as is anything that 3M makes.