Yes and no. If you’re a smaller build it will, but I would recommend that you only carry a plastic water bottle, since it doesn’t fit as snug as you might expect. It’s a great carrier, but doesn’t keep things as cold as you would think. Maybe an hour, but nothing more.
I’m 5’4″ and 112 lbs., and I can wear it cross-body – it hangs about waist height, and I can drink from the bottle without taking it off. It holds a 20 oz. plastic soda bottle snugly. Completely extended, the strap is about 37″ from the outer end of one clip to the outer end of the other clip.