It probably will.
The WBO2 sees Lambda and if the AFR settings are gas you will see 14.7 or whatever Stoich is for gas on your WBO2 regardless to what is in the tank.
This is why you should change the fuel setting for the fuel you are using or
use Lambda to avoid confusion.
People with WBO2's that cannot display low AFR can use normal gas settings/display
with Ethanol because "Lambda is Lambda regardless of fuel."
This thread is about OS' with a static stoich AFR thus the reason to change {B3601}.
If you don't change this and use Ethanol the PCM will have incorrect VE/MAF values.