I wouldn't have expected it to. A 1% solution of sodium hydroxide is 0.25 M. You can vacate the color of a trace of phenolphthalein with a similar volume and concentration of strong acid. The weak acids we call hops alpha acids are not strong enough.
Now, if you could make a 0.1 M (that's 4 g NaOH per liter,) or 0.01 NaOH solution (dilute previous 1:10), and you color it faintly magenta with one drop of a phenolphthalein TS (that's 1 g phenolpthalein per 100 ml alcohol), then maybe you can determine total weak acid in your hops sample. Again, review my comment, this is just a ballpark alpha acids content.