I hate answering my own question.

The answer is a resounding yes.
Since the back row attributes to reducing the hit rate of a monster, a monster benefits from the hit rate bonus that a character gets due to their level... which is..
Hit Rate = Monster's Hit Rate + Level/2
Just like a character, the monster's level is definately a factor in its hit rate, and therefore won't suffer from hitting under 50% for back row targets.. at maximum, they will have 74% (for the regular game).. although my guess is that they could be programmed to have 255% which would effectively ignore the back row (assuming Blind is not inflicted).

Fixed the formula...