It could depending on what the failure is, a true short then yes, if the flexwatt begins to overheat, not necessarily...the purpose of a GFI breaker or outlet is really to avoid electrocution. Which is why building code requires outlets with this protection built in to be installed in areas that could be exposed to moisture. It compares the current going in vs going out and will trip if it notices an issue.
Now there is also a breaker called AFCI which is an Arc Fault Circuit Interrupter. This will trip if it senses an arc, so it is meant to halt an electrical fire.