It does but there are degrees of hunger. The hunger I feel in the day before I eat is much easier to deal with than the hunger I feel after I have eaten a meal. The hunger I feel when on a low carb diet is easier for me to deal with than if I have had bread/pasta/sweets.
I'm pretty sure that for me blood sugar levels, insulin, and hormones play a big part.There is an optimum diet and amount/type of exercise for me to feel less hungry and similarly there are foods and activities where I am almost certain to feel ravenously hungry despite eating more calories.
That’s a short term effect. Low carb diets are no more effective long term (3+ years) than calorie restriction.
Most people who lose significant percentage of body weight eventually start dreaming/fantasizing about food etc. It’s possible to push through this and maintain weight loss, but it’s relatively rare.
Just don’t be surprised when it takes the same effort over time to avoid gaining weight again. Because it might take slightly longer to kick in, but the same hunger will be back.
Long term weight loss requires you to accept being hungry.