Yes they will. This is part of the process of locking in genetics of a particular fish and how so many different colors of fish have been created.( A second part is breeding Mothers to sons.)
The biggest problem of multigenerational breeding like this is that the subsequent fry will slowly return to their wild colors. Eventually, if left "willy nilly", you will create wild colored Guppies from fish that took many generations of breeding to create. If you don't want that, keep your guppy fry away from their parents and siblings of the opposite sex.
Hope this helps