No, changing your notification settings won’t affect your alarms.
Once you arm the system, Wyze Home Monitoring will take over the notification settings for each on-duty sensor.
Signals from a sensor that has been added to your Home Monitoring profile will feed to the monitoring system regardless of any settings made from the sensor page or Rules. For example, even if you turn off the notifications for an Entry sensor assigned to Away mode, it can still send an alarm when triggered.