Likely it would, but you'd have to buff this thing often as it pretty much scratches right away in a pocket, purse, wallet, etc..
Perhaps you could "skin it" by getting clear adhesive and trimming it to fit. But that doesn't seem very durable either.
I'm still awaiting my key holder, I plan to insert the airtag with the stainless facing in. May help, but I lose all that Apple flex!! ha ha. On a serious note, I want these things to be inconspicuous as possible. So for travel holders, they will also face in. I don't want to bring any more attention than necessary to my items.