Yes, it would. Just like how magical attacks that bypass MR are true damage.
I posted a little while ago on their FB page that they should put a "Damage Type" entry in the How to Play section:
Physical Damage: Is reduced by Defense
Magical Damage: Is reduced by MR.
True Damage: Is not reduced by Defense or MR.
and that frees them up to write skill descriptions as such:
Horace - Sword Enhance: Attack becomes 1.3 times stronger for 30 seconds and now deals Magic Damage.
Zola - Magic Shells : Attack now deals Magic Damage for 25 seconds.
Claudia - Dragon Slayer: Attack becomes 1.5 times stronger for 50 seconds and now deals True Damage; +10 MR.
Pippin - Hunting Time: Attack becomes 3 times stronger, reaches 1.3 times farther, slightly faster for 15 seconds and now deals Physical Damage.
Pippin is a Feng Shui User event unit and Hunting Time is her awoken skill BTW.