It should, but be prepared to have spares. A series of shallow cuts (instead of one deep cut) and coolant may be a good idea as well.
As The_Beast says, you'll need to be a bit more specific. Typically, Dremel will indicate the materials for which a given bit is designed. Find your desired bit here, and see if steel and/or aluminum are listed.
I assumed he's talking about the multi-purpose cutter that comes with either the circle-cutter or straight-cutting attachments. It's a 1/8" thick spiral-saw-type of bit. I didn't think anything else could be used with the circle-cutter.