Yes, it shows wait times during After Hours events, MNSSHP, MVMCP, EMM, etc.
Now, whether the wait times shown are accurate or not is questionable. A lot of times most rides will show their basic "5" or "10" minute default. You may see rides like Haunted Mansion and Tower of Terror at 13 mins. Usually those kind of wait times mean they are all walk-ons or very close to it.
Rides that have trouble shaking the lines during DAH events such as FoP, 7DMT, SDD will show higher waits reflective of the crowd trying to do those rides, but in practice actual waits are often 5-15 mins better than what is shown, broadly speaking.
Occasionally you'll see some really high/out of whack number. Eg, 30 min wait for IASW. Not sure why that sometimes happens - too few people to get a good reading, CM error, etc.