Yes it will, it is just not recomended because there is a lot of things that you can't do on the currens steam patch such as save glitches. It says in the rules under version "For Portal runs the Source Unpack is used which can be found in the resource section, you can do runs on the latest Steampipe"
I would say that you really should get the old patch if you want to get competitive with portal speedrunning and its not like it takes like an hour to setup, it only takes like 15 min at most for getting demos and spt and all of the essentials.
latest steampipe is fine for glitchless and has native high fov support and such, for glitched categories its generally worse aside from some very difficult routes.
I've noticed even in glitchless that there are some strats that don't work quite as well on the latest update. For instance climbing the cube + camera stack in chamber 17 is very difficult, for me nearly impossible on the first try. On the older version it's much easier.
everything for glitchless is the same on unpack and steampipe, probably a placebo
Starting today, runs that require video proof (top 25) and runs beyond that where video is the only form of proof, now require audio, as recording audio for only the game is now a native OBS feature.