Indeed. for instance it will let you:
Adjust exposure up or down and provide highlight/clipping indications.
Adjust White balance using presets(auto, daylight, cloudy etc), with a "dropper" or manually with sliders.
Adjust black point, allow recovery on blown highlights, adjust brightness, contrast, clarity, vibrance and saturation.
And thats just the ones I remember.
I think a second tab allows sharpening to be applied but I always do that in Elements as the last step.
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