Yes, it does. Plain Markdown links and HTML links remain intact and behave normally. Here is an example:

  <!DOCTYPE html><script src="https://cdn.jsdelivr.net/npm/[email protected]"></script><textarea>

  # Euler's Identity

  In mathematics, **Euler's identity** is the equality
  $$ e^{i \pi} + 1 = 0. $$

  To read more, [click here](bar.html).

The last line in the above example contains a link to a file named bar.html in the same directory.