Sometimes yes and sometimes no. I've run a bunch of tests as part of my pre-AEFW study.
For the most part Bayer does NOT kill the AEFW. It stuns them, and they fall off the acros. Even though they look dead, curled up perfectly motionless, when returned to clean saltwater they sometimes recover and begin cruising around after some time.
It also depends on how hardy your particular AEFW are. One variety I have will actually die in the dip. My other variety, at the exact concentration that killed my first variety, are hardly even stunned by it.
So you need to be careful. Good circulation at some point during the dip (can be from a baster or similar) is necessary, as the AEFW need to be knocked off the acros. If they remain on the acros despite being stunned and motionless, when the acro is returned to clean saltwater they may come back alive.
For reference, I use a pretty concentrated dip - 10ml Bayer per 1 cup tank water. Also done 20ml Bayer per 1 cup, more AEFW are killed than stunned at that level (for my more normal variety, my super hardy ones still hardly blink). I dip for 3-5 min.