No. Dropping the InnoDB table will free up space within the InnoDB tablespace (ibdata1
file), but it will not shrink the ibdata1
file.
The exception is that if the table was created while the server innodb_file_per_table
variable was set, then the table will be in its own separate InnoDB tablespace (datafile), and when the table is dropped, the space used by the table will be released.