No. When you make changes to an existing product, bundle, or membership level, this only affects new members signing up. 

For example, if you delete the expiration date from a membership level, it does not take away the expiration date for members that have already signed up for the level. Additionally, it will not reinstate members that are already expired. Any change you make will only affect new members who purchase that membership. 

To change elements for a current member's membership, you will need change their membership level to one that has the new desired attributes. So, it may be best if you keep the current membership level that you have, make it inactive and then create a new one with the desired attributes, copying over access rights if needed, and move everyone over.