A: No. This only resets the waste ink counter. For ink level resetting, you need a separate cartridge chip resetter.
Once this counter hits a pre-set limit (usually designed to match the physical lifespan of the pad), the printer locks itself down. It displays a service error and refuses to print. Canon’s official solution is to replace the entire printer or send it to a service center to replace the pads and reset the counter. canon service tool v5204
If you're dealing with a "5B00" or "Service Mode Required" error: canon service tool v5204