Not on Excel 2003. The cell  you've made non-bold stays non-bold.

However, neither

> ActiveCell.Font.Bold = False

nor

> ActiveCell.Select
> ActiveCell.Font.Bold = False

is doing what you probably want. They are both acting on the active cell,
which is a single cell. In your case, this will be the same cell that was
active before you pushed the current row  down one.

In the same way that you used EntireRow for the insert, you could use it for
the non-bolding.

ActiveCell.EntireRow.Font.Bold = False

although I don't know whether this marks each cell in the row as having had
its format changed (which would increase the size of the saved workbook).

An alternative is to actually select the column range involved. E.g.:

Range(Cells(ActiveCell.Row, "A"), Cells(ActiveCell.Row, "C")).Font.Bold =
False