Yes, standard cost will be used if entered. My recommendation is for everyone to use or start using standard cost method.
This will eliminate confusion so many people have with insufficent quantity and negative inventory costing. Eliminate need for production stages. Also, production orders will be able to have primary and secondary output items. Flexibility being able to keep switching between different valuation methods (FIFO, LIFO, Weighted average). And finally when looking at inventory value, it’s simple formula quantity owned multiplied by standard cost.
What we lose is that it won’t be possible to know in real-time value of inventory (unless standard cost is recalculated) which is small price to pay for all the benefits in exchange.