I wouldn't say it will prevent rust, but if you take reasonable care of it you shouldn't have a problem. As anecdotal evidence, I refer you to the chrome handlebars in this box of parts:



but cross reference the chrome plated fork end on the frame from the same bike that those parts were on:



This bike was kept in an Oregon barn for about 30 years before I came to own it. I was able to break the chain with my bare hands it was so rusty. This is the extreme end of what will happen if you do absolutely nothing to take care of the bike.

On the other hand, if you keep it in a dry place and maybe wipe it down once in a while, it should be fine. Even with 30 years of complete neglect the frame above was structurally sound. I was even able to get most of the rust off of the handlebars, though they showed significant pock marks.