It kind of sort of does. You can go to effects > "isolate vocals" for example and it usually does a decent enough job.
There are lots of open-source tools that can do this, some requiring more effort than others.
This effect operates on the very simple logic that vocals tend to be the only fully centre panned channel in the mix. The same approach won't work for anything else, and won't work on older stereo recordings where hard left/right panning of vocals was a lot more common than nowadays