Hi Amardeep,
the executable has nothing to do anymore with the workspace, so the answer is no, it will not collect new data but the values at compile time are compiled into the code.
The simplest way to use different parameters is to replace the constant blocks by "From File" blocks and save the parameters you want to use to the file before running the executable.
More elaborate ways for interfacing with your model can be found at web([docroot '/toolbox/rtw/ug/f1160677.html'])
Titus
