Yes they will -- I've nearly fallen off the path while walking and getting hit by really-bright bike headlights. Starting at about twenty feet away, when being approached by a good, bright bike light on a dark path, I can't see anything besides the light itself.

And, "a similar bike headlight" isn't a valid phrase, either. I've only heard about one bike light that has a beam cutoff; all the rest are unblocked. Comparing bike lights to car headlights would be proper only if you're comparing them to high beam car lights.

Automotive low beams are required to have a cutoff pattern at about headlight level with a slight upwards flare towards the side of the road opposite of traffic (to the left for UK/Japan, to the right for everyone else). High beams are really only slightly brighter but without any cutoff.