No it does not.
See here: What happens exactly when I change password of a vault?
If anyone has access to your vault, your (old) Passwort and your masterkey, he can access your vault and decrypt the files that you have encrypted with the old Kek. Changing the password does not lead to a new encryption of the existing files in your vault.
If you want to reencrypt your files with a new password, you have to create a new vault.