This DM would say yes, but using PathFinder RAW it varies depending upon the source.
Monk's Timeless Body indicates that already applied changes to ability scores due to ageing should remain, and bonuses continue to accrue. Pretty much what MrHiTech already said.
Wizard's Discovery "Immortality" says penalties from age are halted ("from this point forward") but also removed ("If you are already taking such penalties, they are removed at this time.") which seems an inefficient way to state it since they could have just said "all physical penalties from ageing are removed" and be done with it. Adding a conditional statement and then over-ruling it in the next sentence is just poor editing.
3rd Party Occultist's Binder Secret "Immortality" says:
You no longer accumulate aging penalties, and any aging penalties you already possess are removed. Aging bonuses still accrue normally."
Which supports the cessation of physical penalties and reversal of same, just as the Wizard Discovery does, but goes further to state that bonuses (mental) are still accrued.
Mythic Heroes have an Immortality power which mentions nothing about ageing changes to ability scores, simply that the Mythic Hero has to killed in a specific way otherwise they come back to life 24hrs later.
A Mantle of Immortality simply removes (suppresses actually) the physical penatlies to ability scores due to ageing and makes no mention of the mental ones. So this DM assumes they would progress as usual.
Leaving RAW and extrapolating with some logic...
I've always worked off a basis similar to the Monk's power and Mantle magic item in my campaigns. Be it AD&D2E, D&D3.5 or PathFinder, I've always seen ageing has having both physical and mental aspects which often have needed to be handled separately. As soon as something like a potion of youth (AD&D2E magical item) makes an appearance it makes no sense that such an item would cause mental bonuses due to ageing to be reversed! What, did the PC forget stuff? What adventurer in their right might would sacrifice hard earned levels for 1d12 years of life? (Well, unless they are nudging their death age I suppose.)
If the mental bonuses from ageing are due to the acquisition of knowledge and experience applied through a racial filter (hence the different age categories per race), then as long as the individual keeps experiencing their existence at the same rate as they did before they became immortal they should continue to get the bonuses for their race as the ageing categories specify... but that's mental age I'm talking about. Immortality should pretty much halt, but not reverse (unless specifically stated), physical age and that's always worked for me and my Players.
In the case of reversed ageing penalties, this DM would rule the Character actually physically returns to below the middle-age mark of their race in appearance and physical age.