Yes it will, this is almost verbatim (redacted product) claude-code output from my current session:

   ● I'll explore the codebase to understand the current <redacted> architecture, testing patterns, and integration points. This will help me formulate effective strategies for reducing QA burden.

   ● 3 Explore agents finished (ctrl+o to expand)
      ├─ Explore <redacted> architecture · 57 tool uses · 60.0k tokens
      │  ⎿  Done
      ├─ Explore current testing approach · 29 tool uses · 51.7k tokens
      │  ⎿  Done
      └─ Explore API integration patterns · 44 tool uses · 71.7k tokens
         ⎿  Done

During agent execution, it also shows what each sub-agent is up to. In ctrl+o mode it'll show the prompts it passed to each sub-agent.