Does Changing Apple ID Log Out All Associated Devices?

Long story short, a friend of mine had his phone stolen a little over a week ago. He is worried that his Apple ID may have been exposed to the people who took his phone and he would like to change his password. The phone has an erase pending and we believe that activation lock is turned on, but we are worried that if he changes his password it will force all devices off of the Apple ID, including the stolen device. We are aware that if a device is removed from an Apple ID, it’s activation lock is turned off and it will no longer have an erase pending or be trackable, thus allowing the people who stole the phone access to it. We have asked multiple people and gotten answers that contradict one another which is very confusing. So, will changing the password to his Apple ID log out the device from his Apple ID?