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No, it won’t. It will place it as a static object. You’ll need to export the text out of the PDF and bring it back into InDesign.
You could try one of the PDF converters such as PDF2ID but results will vary.
Thanks for the advise. I will download a trial of PDF2ID. Is that the best of the converters?
As BobLevine mentioned, results will vary. I've found that many times what at first seems like the longest method (exporting the text) often turns out to be the fastest and most accurate method. Actually, I prefer to copy and paste the text in smaller pieces because sometimes the text can get scrambled. Working in smaller pieces I can keep track of it more easily.