Yes it will. The idea is the same as with hydro. In both cases you're using the stuff to get your water at the optimal level. In your case, you want your drainage water to be around 6, if I'm not mistaken.
Be sure and use the stuff sparingly. Just to give you an idea, I keep about 30gal in my rez and I top it off about every day with fresh RO water, which comes out at around 7. I dump in a few gallons and I only need about a capfull or two of pH Down to get everything where I want it(between 5.5-6.0).