Yes it does so you can position the picture accurately to ensure it isn`t located in the margin and therefore won`t print.
In Print view hover your cursor at the end of a page - it will turn into two vertical arrows with the balloon tip "Hide White Space", left click and the document appears to be virtually continuous. You can also set this and various other options in Tools>Options on the view tab. I find the text boundaries useful when positioning images. I also change the Insert/Paste Picture as box to "In front of text" on the edit tab.