No.
It takes a move action to unequip the shield (remove it from your arm so you're holding it in your hand). Then you can throw it as a standard action. It returns at the end of your turn and you catch it in your hand. It takes a move action to equip the shield (strap it to your arm) but since you don't have a move action left, you cannot do this.
So your turn ends with your shield in your hand. No AC bonus.
There are lots of threads about this. Here's one.
As of now with the way the archetype is written without errata: No. Heavy shield is the worst thing to use with shield champion if you want to take advantage of all your abilities.
I posted explanations in this thread.
Basically, with the way shield champion is written, there's nothing allowing one to unstrap a shield faster than the normal move action, so one can't unstrap and flurry throw it as that's a full round action. You get the shield back at the END of your turn, which by definition means you don't get anymore actions, even free actions unless you can suddenly do it outside your turn on other people's (you can't, except for speaking a few words), so no strapping it back on. Thankfully still got the AC bonus from level 4, but that'll hardly cut it at higher levels (though AC would be as good as a regular brawler I guess).
Currently the best item to use is a light throwing quickdraw shield. Light quickdraw shield in order to strap the shield back on as a free action if you got the Quick Draw feat (hint: get Quick Draw as regular feat early. Can chuck bunch of knives at early levels or several shields at higher levels). Throwing shield in order to benefit from the free action unstrap feature in order to be able to throw tje shield. Sure that would make it an exotic weapon, however you're throwing it as part of the Throw Shield class feature which is basing your damage from your shield bash damage, also if you keep the regular 10 ft range increment, you can argue you're treating it as a normal martial weapon/shield.
If you're worried about the damage, at level 5 you get close weapon mastery, so any shield damage (or other close weapon group weapons) becomes 1d6 and will increase later, so it doesn't matter later on the original damage die of the weapon you're using.
Light shield does have the disadvantage that you can't benefit from two-hand Power Attack damage bonus, but small price to pay in order to benefit from all of the shield champion's features.
EDIT: Gah ninja'd by DM_Blake cause I typed too much lol