Yes it will break eventually.
It does wear out but takes the longest of all the other kinds to finally break.
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1562 hits.
If you dont have a diamond/gold pickaxe you may still get diamond/gold by using iron pickaxe
You cannot break bedrock on survival, even with a diamond pickaxe but you can if you have a mod that allows you or if you go on creative
You need a Diamond Pick to harvest obsidian blocks.
From new, a diamond pickaxe will break after 1562 uses, making it 6.2 times as durable as an iron pickaxe. Note that breaking a block that a pickaxe is not optimal for breaking counts as two uses. Source: Minecraft Wiki