Dear Anon,
In my experience no, bed bugs will not go away and die if you repel them long enough...
1. They can go dormant for as long as a year, waiting for someone to show up for them to feed on...and that is unusual for an insect.
2. They can travel as much as 200 feet in search of a blood meal.
I lived in Iowa for a while, and bedbugs are an epidemic there...I learned about them first-hand, so unfortunate! Here is an article for you from the University of Kentucky: