It does. "Hey Siri, set a timer for 45 minutes called pasta bake", "Hey Siri, how long left on pasta bake?" works.
Anyway, it does seem to have improved, but I wonder why that stuff wasn't in from day one. It seems pretty obvious to me.
If I say "set a timer for 20 minutes called A" it just ignores the "called A" part.
A HomePod can set multiple timers. A Watch, iPhone, or iPad can only set one timer. There is no obvious technical reason for it. It just seems like only the HomePod team thought it was an important feature.
This becomes annoying if you have multiple devices set to respond to “hey Siri” and the wrong one picks up the request and then refuses to comply.