I would test this. It's not that hard to set up a file, journal it, and
see what happens. This allows you to say "oh, I have to ensure that I
look at the After, and not the Before image" and whatnot.
But your question is a good one. There may be considerations that such a
simple test doesn't show you. Like whether or not the transactions were
committed and what happens if someone does
F13, then turn on commitment control
update myfile set color='ORANGE' where filekey=...
Oops, no commit. Color reverts.