I am going to watch a play which is based on real life events, and I am exploring the play's relation to the fourth wall.
No, this context would have no obvious relation to the fourth wall unless the play was somehow about the real lives of the audience themselves. Whether or not the play has an astounding feeling of realness is irrelevant.
The fourth wall refers to the implicit wall between the play and the audience; breaking the fourth wall would entail the play or actors directly engaging or addressing the audience.
That being said, the play could most certainly use the theme of reenactment to break the fourth wall. The first example I can think of is chastising the audience for not interfering when a character in the play is murdered right before them. Another example would be addressing them as the jury during a court scene.