A July 13 2016 check with official says no:
"What gets backed up with Android Backup Service
Google Calendar settings
Wi-Fi networks & passwords
Home screen wallpapers
Gmail settings
Apps installed through Google Play (backed up on the Play Store app)
Display settings (Brightness & Sleep)
Language & Input settings
Date & Time
Third-party app settings & data (varies by app)
Note: Not all apps use Android Backup Service. Some apps may not back up and restore all data."
Of course backing up and restoring apps that use the KeyStore without the KeyStore itself being backed up and restored with the account makes little or no sense.
Though it's possible they did not update their docs my best guess is that the KeyStore is backed up but that information is not made widely available.
Possibly due to the backup not being encrypted prior to transport which is the Google back up standard. They may have made an exception for the keystore but that would indicate all other data isn't as secure when transported nor when received by their servers (they do encrypt the data once they receive it).