It does, actually! You can select to see less from friend, see less of the account that friend shared the post from, or you can 'unfollow' a person entirely, which has the same effect but without formally "unfriending" them, so you see none of their stuff at all, but maintain the network 'connection'.
You can also 'snooze' a person for up to 30 days. Problem I noticed with that was once that 30 days is up, the news feed algorithm SEEMINGLY overcorrects and tends to show you nothing BUT posts from that individual with a higher weight against everything else once their snooze period is over.
As someone who had a number of friends that posted content that was just annoying and boring (not so much incendiary or vitriolic-although they get snoozed too), I used snooze quite a bit. They're great friends, we just have very different tastes and tolerances for what happens on social media. So I used the tools given to me to see less of it, but maintained the friendship.