I suppose the easy answer is to test it. I just added a specific word to a template and saved it. Then I used the Find and Replace to find that word, and change it to another. (not in test mode) When I clicked find it lists all templates and the one it changed was at bottom of the list with the word done to the right of it, and the word had been changed. No asking, it just does it.
Test on a copied theme in case you blow it up.