I think that it probably will, IF or ESPECIALLY IF your plate is smaller than a barn door. At 400 yards I recommend a thinner gauge plate for .22 LR. We were using a 1/8” plain steel plate at 320 yards and the hit indicator was so sensitive that even spall from a center fire hit 6 feet away that hit the plate would set off the MS hit indicator. The .22 hits will still mildly dent the plain steel at that distance.
I do know that .22 hits will still move a 10” diameter by 3/8” AR500 plate at 220 yards, even though only a little bit.