It mostly did. It can open image sequences, trim, cut, export, merge, remove audio or video tracks, display the timecode track. Cutting a piece of a movie is a bit cumbersome, but it can be done (move to the first time, edit -> split clip, move to a second time and split again, and then delete the clip in the "show clip" mode).

It's a shame it doesn't support third party codecs anymore. That makes it almost useless for all but a few supported formats.