Yes! I think it would.
'ovserving' is only light hitting the back of retinas, or even (if you want to get complicated) spirit creatures or aliens obserivng. If there was NO LIVING OBSERVER, Yes, I think the universe would still be there, happening, existing.
But what if we ARE the Universe? Is that what you mean?
That's what I find so interesting about the ideas of 'reincarnationists' and 'scientists'. WE are what make up rocks, algae, worms, animals, plants. Do we keep being 'reprogrammed' and our very existence is what makes the universe.
If we 'observers' be it any of the organic or inorganic things that exist ceased to be, or be influenced by eachother, then does the Universe Exist?
A 'Nik Nak Noo!!!!' question, as one of my sons who thinks far tooooo much would say!
Then, we come across the possibility that we don't really exist at all, in the first place!
Does matter exist without energy? OR does Energy exist without matter? If you can't have one without the other, then we MUST exist.
Without.....you have vacuum!