Yes, it'll boost your total points.
Example:
Regular Playing Hours
Assuming you bought in for $8 (8x) which is equivalent to 8 points, then you hit a Straight Flush Flip Bonus which gives you 4x your buy-in in extra points:
$8 (buy-in) x 4 (Straight Flush Flip Bonus) = 32 points + 8 points (your buy-in) = 40 in total points
Happy Hour Boost
If the above scenario happens during Happy Hour, you will receive 1.5x of your total accumulated points which includes your Flip Bonus (if any)
40 points x 1.5 (Happy Hour boost) = 60 in total points