If it is Dynamically Linked and in your Pr Timeline,
it will be rendered on export.
For better understanding when it's wise to rely on Dynamic Link and when - on a digital intermediate, see this thread. Pay special attention to Todd's comments. Just one note to what was discussed there: when you finished your complex AE comp and rendered digital intermediate, you don't have to import it into PrPro project and replace your dynamically linked comp in the timeline, you can simply set that intermediate as a proxy for the comp within your AE project.