Of course it will. I think only the hammer and trigger are hardened, but I'm not positive there aren't other parts.
As an exapmle, in Jerry Kuhnhausen's book "The S&W Revolver, A Shop Manual", page 39, figure 64. In reference to the trigger cam area, he states "Do not stone or polish this surface, since there is no excess material and the case hardening is needed." He has similar warnings in reference to other hammer and trigger areas.
From personal experiance, I've learned this the hard way. The metal under the hardening is VERY soft, and will wear away to the point of being ruined in just a few hundered rounds if it's ever exposed.
On the hardened parts, I think you should limit any polishing to correcting any obvious burrs, and go slow.
Joe