It COULD, but then again, paper tape could too, under certain conditions. It has been my experience that fiberglass is more likely to crack, but improper installation can often be the issue. The most important thing to remember with fiberglass is that setting type compound be used on at least the first coat. I have repaired a lot of cracks that were taped with fiberglass tape. Most were finished with regular ready mix mud. The only thing I use it for is minor repairs where I am looking for a finished patch in one trip.
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