No, you need to restart the process after you change something in the cofnig file in order for it to take effect.
Just use CTRL + C for properly closing steemd.exe and this way you will avoid resyncing of the blockchain on every start.
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In restarting like this we end up with quite a lot of downtime right, so it is better to just leave it running than change it several times a day if productivity is to be maximised, right?