This is a PVA glue, so the short answer is no.
The longer answer, yes, it will soften with heat and reharden again when cooled, but it won't reform effective bonds and will become more of a filler than an adhesive.
There are three primary categories of adhesive curing - evaporative, thermal, and chemical. Most adhesives actually fall in to several of these categories simultaneously (hide glue is thermal and evaporative, epoxies can be both chemical and thermal, etc), but PVA glues are pretty much strictly evaporative. The bonds which create the adhesion are made in the dissolved state, and solidified as the solvents (in this case, water) evaporate and cross-linking occurs. Heat will soften any glue layer and weaken bonds, but when cooled it will not reform bonds in the same way they form with initial wet application. Mainly it will just break down the cross-linking between polymers as well as shorten the polymers themselves. Although it may harden and stick to some level when cooled, none of the important bonds will reform, and the joint will be left significantly compromised. It will "reset" to some degree, bit not fully rebond.
If you want to fix it right, you're pretty much stuck with disassembling the joint, refitting it, and going at it again as a fresh glue joint.
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