It should as it's still funded from your wallet. It did in the past and I don't see anything on the T&Cs (
here) saying otherwise. (standard disclaimers: dont blame me

)
Typically there are 2 types of such promos. This is the type where you have to buy certain amount (always $100), storewide, so long as purchased on psn store, it counts. This includes PO, PS+ subscription. What doesn't count is, for example, you buy a digital game or ps+ subscription from Amazon, and you go psn store to redeem the code. (Not sure if you purchase Spotify etc third party subscription thru psn store counts or not.)
The other type is when they give a discount code (use once per account). You have to enter the code in the cart/basket screen when checking out to get the discount. For that, PO and PS+ won't count, cos they bypass that particular cart screen, so there is no place for you to enter the discount code.
PS. Sonic not risky to PO ah?