I'm betting that it won't change back once the "chemical" reaction has taken place, and that you (we) would have to periodically put new solution / reagent in the checker.
No, and yes. I have two drop checkers. One is a plastic one from Red Sea (unfortunately one whose instructions tell you wrongly to use tank water) and another the double bulb Cal Aqua one which comes with two fluids (one the "right" colored one that the other you watch to get it to match).
The Red Sea one I use with 4dKH water I made myself and it works great. My CO2 goes on 2 hours before my lights do. When the lights first go on the DC is a medium green slightly edging towards blue. Within an hour and until the lights go off 8 hours later it's a nice lime-green, maybe leaning to slightly yellow. My CO2 goes off one hour before my lights do. I replace the 4dKH water and add 2 new drops of reagent in the Red Sea DC every week after my 50% water change (I pretty much follow a basic EI fert and dosing regime) as I have found a protein film occasionally forms over the hole and sometimes after a week or two it seems to not change color anymore.
The glass Cal Aqua one also works great. I have not changed either fliuds in this one since I got it almost 2 months ago. The color of the test bulb changes color throughout the day/night pretty much along with the way my Red Sea one does as described above: blue/green in the early morning before the lights go on, green leaning slightly towards blue once the lights do go on (again, CO2 went on 2 hours before this), and within an hour of lights on matches the "matching" color bulb until again the lights go off after 8 hours.
Why do I have both? Well, someone was selling a two-times-used Cal Aqua one for cheap with fluids and I grabbed it. I now use them both in my 72 gal, located in different parts of the aquarium, just to feel good about my CO2 being close to correct in different areas.