Caramelization doesn't significantly reduce fermentability until very high temperatures are reached. Neither does the Maillard reaction. You simply get a lot of coloring power and associated flavors for a relatively low amount of weight. Yeast still has the ability to consume the sugars involved in both reactions.
The answer depends on how much sugar remains. Caramelization (and Maillard reactions) convert sugars (and, in the case of Maillard, amino acids) into a host of compounds which are not fermentable. But not all the sugar is, in either case, converted. Does the syrup taste sweet? If it does, then there is still a lot of potentially fermentable sugar in there.