NO [&:] But the steel crank and steel ball bearings sure can and do rust if stored poorly. After run oil is also known as Marvel Mystery oil.
After a day flying run the engine out of gas and pull the fuel line and restart to clear as much fuel from the engine as possible. A few drops of Marvel Mystery oil down the throat of the carb and flip it several times to disperse it inside the engine and your good until time to fly again. For winter storing be more generous and also add a couple drops in the glow plug hole as well. A well cared for glow engine should last for decades.