No. You have to edit vdsm.conf, when:
1) link will be broken, and it point to the iSCSI target IP and
2) you want to reboot your host or restart VDSM
I don't know, why but VDSM during startup tries to connect to IP target in
my opinion it should use the /var/lib/iscsi configuration which was set
previously.
I also had problem "Device is not on preferred path", but I edited
multipath.conf file and set the round-robin alghoritm, because during
installation multipathd.conf was changed.
If you want to get right configuration to your array execute:
1) multipath -k #console mode
2) show config #find the proper configuration to your array
3) modify multipath.conf and put above configuration.