It shouldn't do if it's been correctly installed. There is a 12 volt back-up battery in the control panel and you would have to remove this also. Even then, if your alarm has s.a.b fitted, which it should have, the external siren will continue to ring for a maximum of 20 minutes. It's a legal requirement that it must not ring for longer.
A further point. If you do remove the external power sources, some alarms revert back to the original code, which is usually 1234. If your keypad has a non-volatile chip, then this won't apply. It will retain the last number entered.