IMO it probably will lessen the behavior. Dogs display dominance behaviors for many reasons, and a surge of testosterone is one of those reasons. I find that neutered males will still display dominance, but it doesn't have that serious, sometimes almost frantic edge to it. It's like the hormones sometimes cause a compulsion to dominate.
Neutering doesn't seem to have an effect on prey or defense drive, in my experience, but it does tend to lessen fight drive, so be aware of this if you are training in SchH.