No, it won't. If enough power to only overcome drag were produced by the engine, the plane would still descend (or never take off!). Drag on the airplane represents a fraction of the energy (thrust) absorbed in flight. The largest absorber of energy is the weight of the aircraft. Defying gravity uses the lion's share of engine power. Both of these energy absorbers (drag and lift generation) need to be adequately addressed - at the same time - for an aircraft to fly "straight and level."
The engine creates thrust.
An engine is the usual source of thrust in an aircraft.
the two forces acted upon the airplane when in flight is Lift/Gravity and Thrust/Drag(:
An aircraft gets thrust from an engine, either a piston engine driving a propeller or a jet driving a turbine.
It's propeller or jet produces thrust by rotating under engine power.
The engine creates thrust.
The engine causes thrust, it moves the aircraft.
The amount of thrust depends on the power of the engine
An engine is the usual source of thrust in an aircraft.
Acceleration means that either the speed or the direction of motion changes. Acceleration requires force. When the thrust and drag are equal, the net horizontal force is zero, so there's no horizontal acceleration, meaning that the speed or direction of motion in the horizontal plane can't change. And you've already stipulated that the craft is in level flight, so we can't give it any vertical speed, or let it pitch (nose up or down). So according to the carefully crafted conditions of the question, the answer is 'no'.
the two forces acted upon the airplane when in flight is Lift/Gravity and Thrust/Drag(:
Lift, weight, thrust and drag.
An aircraft gets thrust from an engine, either a piston engine driving a propeller or a jet driving a turbine.
Lift and thrust is what enables an airplane to maintain flight. Lift is generated by the wings, and thrust is generated by the engine or propeller. Combined they enable the aircraft to fly. Air currents and up-drafts, on an aircraft that does not have an engine (like a glider), also help generate lift and thrust to keep such an aircraft in the air. However, gliders get into the air by being towed by an airplane, or by a sort of sling-shot.
An aircraft needs an engine to get thrust and roll forward to gain lift.
lift and thrust overcome weight and drag
They propel the aircraft by propellers or jet thrust.