Googling suggests that it should.
But the dragdroprobot example implementation (on the parent Robot object) suggests not:
QRectF Robot::boundingRect(
Under normal usage the children of your QGraphicsItem are contained within its bounding rect, but depending on your implementation I don't believe that this is required.
If you need the bounding rect of an item's children you can simply use
QGraphicsItem::childrenBoundingRect();