It will refresh...
But you also need to consider the following:
REFRESH_ALL_MVIEWS Procedure refreshes all materialized views that have the following properties:
*The materialized view has not been refreshed since the most recent change to a master table or master materialized view on which it depends.
*The materialized view and all of the master tables or master materialized views on which it depends are local.
*The materialized view is in the view DBA_MVIEWS.
Read:
https://docs.oracle.com/cd/B19306_01/appdev.102/b14258/d_mview.htm#CEGHCECB for more..