Yes it does, however it is not able to reproduce exactly what is being recorded. I use Epson Scan or Vuescan with a V600 scanner which works well on most occasions but sometimes gets it completely wrong. I also sometimes digitise my film with a digital camera which does not perform any inversion or colour correction. For these reasons it is necessary to make adjustments and the software mentioned above allow such correction to be made accurately and swiftly based on film type rather than having to individually adjust each colour and correct the orange cast by hand. they all contain some image colour comparison which allows the software to "best guess" the required output, usually with good accuracy requiring only minor tweaking.
Hence my question