Somewhat, but not nearly as quickly or to the extent of something like gasoline, acetone or even d-limonene/orange oil (which is what I use to dissolve styrofoam packaging for repurposing, because it smells the best and is less flammable).

This video is someone dissolving polystyrene in kerosene, and as you can see it is a very slow process. https://www.youtube.com/watch?v=k1yDdIanTEA