Probably! Some knitwear will unravel, some won't. I would say that the clearer the original lines of the yarn are, the more likely it is to unravel, and also, the finer it is the less likely it is to unravel.
You could always stitch around just inside the lines where you want to cut before cutting it if you're unsure - and if you're definitely cutting it up, try a bit and see first.