Yes, it will. I'm running one now in a G17 and a G22 upper both Gen 3, and neither of mine are captured.
Yep, it's a 3 port carver comp with gen 3 guide rod, but there's more to it.
If your FDE Gen 4 is what you're gonna be using, than here's my advice.
I have 2 different SS guide rods + adapter.
The LWD guide rod +adapter is a different size than the one I purchased from Brownells.
The LWD guide rod is a slightly smaller diameter and will allow the slide to cycle with the the screw removed.
The guide rod setup from Brownell's has a larger diameter that did not allow the slide to cycle with the carver comp, even with the captured screw removed. It would make contact with the comp.
So yes, I am using a Gen 3 guide rod uncaptured, but not all guide rods are created equal.