It does, but rather poorly. All cutscenes are in stereo, as well as the music. The only time I really noticed the rear surround sound was when battle chatter was occurring, but ambient sounds are basically non-existent.
I - again after Octopath and Astral Chain - resorted to putting the console into stereo and outputting Dolby Surround via receiver. That legit sounds better than their "true" 5.1 solution.
Meanwhile, Animal Crossing, a game that has no business of having such good sound, is one of the best mixes Nintendo has done in recent years. Seriously, they need to get their shit together when it comes to audio.