They should if you are putting the event on the shared calendar. Lets say you have two calendars, Home and School. You're working on a collaborative project in class with Kelly, so you share your school calendar with her. If you make changes to that, she will see it, but if you make changes to the home calendar she will not.
Now what I just said isn't 100% accurate. Kelly will be able to see changes on the calendar, but whether or not she gets any alerts is dependent on how she has her notifications configured.