Hello vowlest
Yes, it probably will, unless you can concentrate the steam and direct it pretty accurately underneath the photos as you lift them. In particular, older photos on paper and card are vulnerable to damage. Newer, resin-coated papers are more resilient.
Have you tried using a blunt blade? I like to use one of those old-style butter knives, you know the ones with the bone handles? They have a very broad, flat, blunt blade which you can carefully work under one corner of the photo, and then working very slowly with very little pressure, pull it under the photo and gently lift as you go. I've heard of people doing the same thing with a length of waxed dental floss, but I haven't tried that myself!
Another way, if you don't want to keep the albums, would be to leave the photos on the page, and pull the whole page out of the album. Then split the page through the middle (it should be laminated) using your blade, separating the front and back of the page. Cut the pages so that each photograph is on its own bit of page. Then continue splitting each half so it gets thinner and thinner. Once you are down to the thinnest layer you can achieve, you may be able to then use steam on the remainder of the page to try to remove it.
If none of these methods works, or you don't want to attempt them, I suggest finding a paper or photograph conservator who can help you. Details at the top of this thread.
I hope that helps!
Prue