The answer ... Yes. At least in my case it did. My power steering light came on. I drove about 25 miles to home and parked the car. I looked in the Owner's manual ... nothing. I googled this forum and found conflicting information. Some say it does, some say it has nothing to do with the power steering.

I was preparing to drive to the dealership but decided to try the left-right thing first. I turned the ignition to ON, I turned the wheel all the way left to lock (the steering was centered) then all the way right to lock then back to center. I turned the ignition off. I then started my car and Voila! no power steering light. I drove about 25 miles to the store, made my purchases then drove the 25 miles back to Walmart to pick up some things. Drove to the gas station and filled 'er up with 93 octane then drove back home. No more issues with the power steering light.

 

It does work. That's pretty common knowledge.
But you can also put the car through a drive cycle or 2 and that will do the trick, too.