It will, if you don't believe me just check, it's quite easy: get out of a station, cut your life support power, get the timer, restore the life support the timer disappear(as long as your canopy is intact, the atmosphere will be restored).Life support reactivation will not reset timer. You have to dock to reset it.
Edit: hey i checked, i was wrong, you were right, it won't. Pretty sure it used to be that way before at some point when i tried the power thing in early gamma so i guess they fixed that.
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