I believe it does. QuickTime 7 was replaced by QuickTime X with Snow Leopard, but the old version of QuickTime 7 is still compatible with Snow Leopard, for those that need its extra features like Video conversion, Audio Editing, Clip Editing, etc.
I don't think there is a QuickTime X Pro version out yet, and I was pretty pissed that Apple took away all the great features of QT 7 Pro from QuickTime X in Snow Leopard. So much is missing.