It can if it’s installed over an unsound surface.
Overlay materials are polymer modified and are designed to go down thin and still remain strong and wear-resistant. However, overlays are only as good as the subbase they are applied to. They are not intended to fix bad concrete.
If you put an overlay directly over a cracked surface the overlay is likely to crack as well.
Delamination is caused by excessive moisture rising up through the subbase. A good contractor will test for excessive moisture vapor transmission and apply some type of a membrane between the existing surface and overlay if needed.