Dont see why it should. Even if it did, it wouldn’t do any harm.
Changes in pH aren't necessarily the problem in freshwater tanks. It is what causes the change in pH that is the potential problem.
If you are dosing a trace element product (e.g. Seachem Flourish or Tropcia Plant Nutrition) then there is no need to dose extra iron as it is after all, only a trace element. Macro nutrients, nitrogen, phosphorus, potassium and even magnesium are more important. Check out plant deficiencies