If you're using OTA EPG then yes, more than likely it will adjust (certainly I see "time updated" messages) if tvh sees the change in time when it scans and matches events. However, a published EPG, such as an XMLTV scraper, and no - simply because it would never know about the change.
I believe recent (last few weeks) versions of tvheadend have EITpf enabled (it's "Use EPG running state" in the recording profile options, I think). If you're using an EPG that updates realtime, then, so tvheadend will keep adjusting it even if it's not looking for new events. That does assume your broadcaster supports it as well, though.
I think....!