That's exactly what it does. You can check the source of the method here:
var q = string.Format ("update \"{0}\" set {1} where {2} = ? ", map.TableName, string.Join (",", (from c in cols
select "\"" + c.Name + "\" = ? ").ToArray ()), pk.Name);
Of course you can always execute your own SQL if you need more control:
db.ExecuteAsync("UPDATE SOs_Locations Set Bla = ?, WHERE ID = ?", bla, id);