Yes it should. But your parameters could be conflicting here. If the EIA parameter for tool length is set to read from Tool Data, you may be in effect "zeroing" you tool length by adding value from the Tool Offset page. Depending on the method of tool offsetting you do (positive offsetting or from machine zero), this could alter you Z dramatically.
The simple thing to check here for though is your G56 offset. Is the Z offset in G56 correct? You can also tell whats going on in your parameters if you omit the "H15", in MDI (with the spindle out of the way of the part), just type in "G43Z0." with T15 in the spindle. Then check your tool/spindle position relative to the part and see what is off (this is providing that your work offset is correct). If the machine parameters are set to read from Tool Data, the tool tip should be at "Z0" (therefore you don't need the "H"). If the parameters are set to read from Tool offset, the tool tip should off roughly the distance of the tool length (you'll need to use the "H"). Be careful not to travel the tool into the table. You can remove the tool from the spindle to test this. You just need to make sure you tool change to T15 so the machine knows that you're using T15 for tool length.
I do get the feeling though (only because this is the most common mistake) is that your G56 Z offset is not correct.
It's just a part..... cutter still goes round and round....