Installing with a placeholder address

Hi

I was wondering whether someone could help me with this question. I’ve set up WordPress with a new host and haven’t yet transferred the domain across from my current ‘live’ host. I’m setting up the custom menu and because the domain hasn’t been transferred I’m having to use the placeholder address, for example http://www.web456112.hostname.co.uk/about/

My question is, when I’ve transferred the domain, will these links still work? Will WordPress automatically replace the ‘web456112.hostname.co.uk’ with the domain name?

Many thanks

Peter