Yes it will. You will get value by $G_Boardno which is hash from where you get value by $G_ExcepId which is also hash and so on. You can continue like this creating more and more levels until memory runs out.
It is equal to :

$HoH->{$G_Boardno}->{$G_ExcepId}->{$G_CauseCode} = "value";
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Regards,