Short answer:
Only if you use the excerpt field when editing a post and adding a ‘…’ to the end.
Long answer:
Only if you use the excerpt field when editing a post. The reason is that there’s no way to know when you actually want to break programmatically. The way the excerpt works in WordPress is like this:
1st priority: If excerpt it specified, use this, no matter how long it is (never truncate). Also, Read More Excerpt Link will not add an ellipsis as you’re typically going to format an excerpt to the end of a sentence. But, if you want an ellipsis at the end of an excerpt, simply add ‘…’
2nd priority: If there’s no excerpt specified, look for a read more tag in the post. If the read more tag is before the excerpt word limit, show just the text before the read more tag. If the read more tag is after the excerpt word limit, truncate the text to the excerpt word limit. Read More Excerpt Link will add an ellipsis if the resulting excerpt is before the read more tag.
3rd priority: There’s no excerpt nor read more tag in the post. Therefore, truncate the copy if it’s longer than the excerpt word limit. Read More Excerpt Link will add an ellipsis under this situation.
Read More Excerpt Link will only work under the 1st and 2nd priorities above if the “Show More Frequently” settings box is checked (it’s always active under priority 3). Also, the ellipsis will only be generated if the “Include Ellipsis after Excerpt” box is checked.
Hope this helps!
Tim