Sure, it will do plenty. While you can surely burn more calories in less time if you up the intensity, if you dread doing it, just pick something that you know you can stick with.
You might try intervals. I just do the "hill" program on the recumbent lifecycle. The intense intervals are a bitch, but they only last for one minute. Interval training has been shown to be great for losing fat. At least one study has shown that those who did intervals lost something like 4 times as much fat as those doing a level, low intensity program. I wish I had the url. The reason intervals work well is that your body temperature stays elevated for hours after you finish exercising.