Yes, it does, and that’s important as HDMI 2.1 supports higher video resolutions and frame rates, including 8K at 60fps. The specification also supports Variable Refresh Rates (VRR) and Auto Low Latency Mode (ALLM), which supported by the PS5 and Xbox Series X consoles. eARC is bundled there too, and with the higher bitrate that HDMI 2.1 allows for,  Dolby Atmos and DTS:X can be piped through the TV to external devices from streaming services and apps.