No, updating will not fix this issue. It needs to be manually fixed. You can run the below database query to fix it then install latest CB to recreate the alias field.
Code:
UPDATE `jos_comprofiler_fields` SET `name` = 'cb_phone', `tablecolumns` = 'cb_phone', `type` = 'text', `calculated` = 0, `sys` = 0 WHERE `fieldid` = 43
Note it is important that you replace jos_ with whatever you actual database table prefix is. Typically you'd just run this through phpmyadmin after adjusting the prefix. This will revert alias to cb_phone field. You then need to install CB again for it to recreate the alias field as a new field. Values stored in _comprofiler should be untouched.
Please be sure to be making backups before running any direct database queries.