Yes it will, at least to my understanding. If you reset the MM before it advises service, any OTHER services that would have come up at the same time also get reset. So, for example, if you have 40% oil life on the MM and the system will also recommend a transmission fluid change at the next service, and you reset your MM to 100%, you'll never see that transmission fluid change recommendation.
Again, this is how I understand it to work.
I think I replace all fluids before it would recommend anyway, so it probably doesn't matter for me, but I just let it run down until it tells me to do something, review what it says, and then reset it and continue with my schedule.