It does (everything is saved as json), but it's a bit of a hassle. Scripts are saved to a single line, so you really need a plugin that breaks them up. It's really pretty silly that isn't the default.

The other huge PITA is that touching a node in the UI causes the json to update even if you didn't do anything, and changes will often cause nodes in the json to reorder. That makes git commits very cluttered.

Merging is also very hit-or-miss and duplicate nodes are common. You can mostly fix this with another plugin that saves flows to individual files instead of one big file (default). As long as you split your flows and subflows up enough, team members will usually not step on each others toes.

I used this at work. Not a fan. If you only touched the system once every 4 months I can see the usefulness- It's easier to see the overall structure than wading through code, particularly if you're a visual person. It makes it relatively easy to pick something up that you have mostly forgotten.

It is a huge PITA if you are trying to build API features quickly with a team. Especially if there's nobody to tell you to use the plugins.