Yes. No. Maybe. Sometimes. Never. My experience is that it will continue to more or less accurately count NG. If you keep the NF cycles above the cycle adjustment point (full throttle/NR) no adjustment to VEMD cycles required. Allow the NR to drop the first point, you have to adjust NF by adding .3 cycles and if it drops below the lower point, it's a whole cycle. I don't recall the VEMD adjusting this.
So... if I got this right. If I land the aircraft and plan on taking off shortly after I'd better off not retarding the throttle if I wish to have no more cycles added.