Yes, it does. So in the next update, Luopans will take 20% less damage than previously (50% dmg mitigation). Adding Dunna will provide -5% DT. If you are using GEO Mitaines/+1, you can add another 10/11% to your damage mitigation set. Overall, it looks like you can obtain -16% Luopan damage taken from the current bell/af pieces, and receive a 50% damage reduction natively, giving you -66% damage taken (Someone can test after update and correct if I am wrong).
I'm not sure who is using it either, but ToM staff that provides Pet PDT-13% is also active on the Luopan, providing an additional -13% of physical damage taken.
Should see an improvement in survivability for at least a few dozen more seconds at least.