No, not unless your application calls GetCurrentDirectory().
The trick I always use is to change default path of compiled executable (dll) in Project Settings/Link/General, say to "./" or "./Bin" and also put all data files there (.objs & other garbage remains in ./Debug). In this way, I can execute the app from Explorer without need to copy it around, and the profiler works too. This is especially important when building a dll -- if you specify that the dll is created in the same directory as calling .exe you'll avoid need for copying (and nasty situations that you actually debug older version of the dll but look at newer code).
