Yes, it will continue until you end it. Up to the maximum duration of 4 hours.
What happens when my live event runs over time?
I have scheduled a live event for one hour. What happens when the speakers take longer than expected? Does the event continue until we end it?
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Sharon Zhao-MSFT 25,051 Reputation points Microsoft Vendor
2021-03-26T01:49:57.847+00:00 As a supplement, the maximum duration of a Teams live event is 16 hours now. The temporary limit increases for live events will end on June 30, 2021.
For more information, please refer to this article.
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Kjetil Svendsen 1 Reputation point
2022-01-18T09:41:50.523+00:00 @Sharon Zhao-MSFT - I am to understand that the maximum limit is now 4 hours and if I exceed this, the stream will stop?