Hi,
Yes it will still inspect even though you have configured ACL and binded to an interface. There are certain protocols which requires deep inspection in order to pass through a firewall. For some of the protocols ASA cannot create the reverse flows, where inspection is required to do so. Below mentioned excerpt from cisco document will explain much better.
The ASA creates forward and reverse flows in the fast path for TCP traffic; the ASA also creates connection state information for connectionless protocols like UDP, ICMP (when you enable ICMP inspection), so that they can also use the fast path.
Note 
For other IP protocols, like SCTP, the ASA does not create reverse path flows. As a result, ICMP error packets that refer to these connections are dropped.
Some packets that require Layer 7 inspection (the packet payload must be inspected or altered) are passed on to the control plane path. Layer 7 inspection engines are required for protocols that have two or more channels: a data channel, which uses well-known port numbers, and a control channel, which uses different port numbers for each session. These protocols include FTP, H.323, and SNMP.
Regards
Karthik
Hi Narinder,
The below mentioned documents will clarify your doubts.
http://www.cisco.com/c/en/us/td/docs/security/asa/asa70/configuration/guide/config/inspect.html
http://www.cisco.com/c/en/us/td/docs/security/asa/asa91/configuration/firewall/asa_91_firewall_config/inspect_overview.html.
Figure 9-1 How Inspection Engines Work
In Figure 9-1, operations are numbered in the order they occur, and are described as follows:
1.
A TCP SYN packet arrives at the ASA to establish a new connection.
2. The ASA checks the ACL database to determine if the connection is permitted.
3. The ASA creates a new entry in the connection database (XLATE and CONN tables).
4. The ASA checks the Inspections database to determine if the connection requires application-level inspection.
5. After the application inspection engine completes any required operations for the packet, the ASA forwards the packet to the destination system.
6. The destination system responds to the initial request.
7. The ASA receives the reply packet, looks up the connection in the connection database, and forwards the packet because it belongs to an established session.
The default configuration of the ASA includes a set of application inspection entries that associate supported protocols with specific TCP or UDP port numbers and that identify any special handling required.
Regards
Karthik
