If it does, it doesn't do it as well as heat. If a concentrate is made with drinking alcohol (ethanol) it can come out as shatter, a glass like consistency, which is the sign of thca.
From what I can google, hydroxyl groups and carboxyl groups need a third reactant, and even then the alcohol is only breaking off the -OH of the carboxyl group, leaving the carbonyl group. So i'd say dercarboxilating is neccessary, but maybe there is something I am missing.