It will, inside the chamber. Then the controller kicks on, adds CO2 and it drops. It will cycle on and off more often. If you shut the controller off, you need to monitor effluent, and to get that to deliver more alk you have to increase CO2. If you go too low (ph drops inside the reactor) and media will melt. Increasing flow, keeping pH steady (with the controller) will allow you to increase delivery of alk.
Thousand ways to skin the cat, be careful, report back along the way and hopefully the crowd will deliver you the results you are seeking.