Yes. The Event ID is the same than the Auto Defined SoundBank ID, by design. And the Event ID is based on the name. So, renaming an Event will change the file structure for that particular Event.
For example, my favourite Play_Footsteps event have an Event ID of 3854155799, and incidentally, its SoundBank ID is also 3854155799.
The act of renaming an Event will (optionally) delete the previous 38/3854155799.* files, and create a new SoundBank ID with its new ID (let's pretend 12/1234567.*)
What stays still, in this case, is a GUID that is also present in the json (with the mandatory Wwise Authoring option activated in the SoundBanks tab of your Project Settings). If the Wwise Project Database in the Unreal Editor cannot find the Event ID, it will resort to the GUID to figure out what your asset is. There will be logs and warnings in your Unreal Output log, but it should find the assets under most cases (YMMV of course - that's a fallback).