Probably not. I'm not sure how the WordPress image editor works, but i would imagine it is saving the file to the WordPress installation and not the S3 location. The plugin will still tell WP to look for the image at the S3 url, not the installation location.
If WP saves edits to the image directly back to the file, that won't work either. S3 doesn't support overwriting existing images, they are usually prepended with a -01, -02, etc.
Right-click the broken image and check the url being used as the source. That will give you a hint as to what the issue may be.
I uploaded an image, attempted to resize it, and WP says everything worked, but when I go to the image, it is the same size as it was before. Your install can't make changes to the file uploaded to S3.