Typically, yes. With a ph over about 8.5 rust is pretty well inhibited. It's not stopped, but slowed by a large amount.
There's better ways, but cheap and good enough can be good for many jobs. Actual results will depend on the quality of water available and it's mineral/chlorone content. Also worth mentioning that high ph can be as bad as low when it comes to burn safety. Proper precautions, always.
