Yes, it will....at least after a few days. The "active" in the *Bayer product is "systemic"....which means the plant takes it up, through the roots, making the whole plant "toxic" to insects, when they eat it (a "stomach" poison) I *think* the "Advanced" version of the product also has a "contact" poison included in the mix, to kill those grubs that are in the nearby soil. I use *Bayer Long Season Grub control" (in the liquid form), and all it contains is the "systemic" insecticide.
Every season, I find several leaves that show signs of "borer munching", but.....no borer is present, so, I guess the stuff works