Yes. As you reduce it and once you are finally off it will subside. However that is only the water weight making you puffy. If you gained other weight, it will not change.
Prednisone creates a special type of fat that is high in water content. The fat disappears once you are no longer on prednisone. Should you go back on again in the future, the same thing will happen. Reducing from prednisone takes time. Good luck with this.
Prednisone has some permanent problems, such as high blood sugar, weight gain, (not just water), and osteoporosis. It can also cause hearing loss, ringing in the ears, cataracts, and a host of other permanent problems at high doses. IT all depends on your dosage, and how long you have been on the medication.