No.
>If used on a Pokémon that cannot lose its item — such as Giratina holding a Griseous Orb, a Pokémon holding a Mega Stone or an Orb that enables it to Mega Evolve or undergo Primal Reversion, a Pokémon with Multitype holding a Plate, or Genesect holding a Drive — this move will not receive the boost.
-Bulbapedia
Arceus won't lose its plate either.
From a question I answered that has a similar answer.
