Yes it does. Matomo differentiates between two different Multisite modes.
Matomo is not network enabled
In this mode, all settings including the tracking and access settings are managed individually for each individual blog. They cannot be managed in one central place for all blogs. Any user with the « Matomo super user » capability can change these settings.
Matomo is network enabled
In this mode, the tracking, access, geolocation and advanced settings are managed in the network admin in one place and apply to all blogs. An administrator of a blog cannot view or change these settings.
The privacy and exclusion settings, as well as any setting within the Matomo Admin has to be configured for each blog individually. They cannot yet be configured in one place meaning these settings need to be changed for each blog should any adjustment be needed. Most users find they don’t need any changes there though as Matomo anonymises the IP address by default for example.