Hi David
Yes it will be seen by all end stations within that vlan. The reason being that reserved multicast addresses of which 224.0.0.2 is one will be flooded on the ethernet segment regardless of whether you are using CGMP or IGMP on the switch.
You could use vlan access-lists to filter the traffic from reaching end stations i guess but it might well be more bother than it is worth.
HTH
Jon