It does have malachite green so it might, but more to the point, it is not safe for most fish so I would never use it anyway. It should absolutely never be used with soft water species, especially characins and catfish like cories. It contains malachite green (a carcenogenic to humans) and formaldehyde. Ironically, on the Hikari site it says, "using a less toxic form of malachite green, which makes it less taxing on biological action," which is a clear admission that it is dangerous and not at all "safe."
Best ich treatment is heat; increase tank water temp to 86F/30C for 10-14 days.