As in, does the bot just alch and do nothing else? Then no.
As in, does the bot alch from picked up loots that it was ordered to kill? Then yes. There is a entire tab dedicated to alching items that are picked up. You can't miss it.
If you want to alch with it, it will have to be in the middle of combat.
Meaning it will alch drops from monsters if you set it to, but only after attacking a new monster