It does, but it's both slower and less safe than one of these things, if you know how to use it right:
https://www.ikea.com/nl/en/p/ikea-365-vaerdefull-potato-peel...
Personally I'd recommend that style over the "default" peelers that look like this one:
https://www.ikea.com/nl/en/p/ikea-365-vaerdefull-peeler-blac...
The vertical one is much faster.