It does, but it's both slower and less safe than one of these things, if you know how to use it right:
https://www.ikea.com/nl/en/p/ikea-365-vaerdefull-potato-peel...
Personally I'd recommend that style over the "default" peelers that look like this one:
https://www.ikea.com/nl/en/p/ikea-365-vaerdefull-peeler-blac...
The vertical one is much faster.
In my experience the straight style is more ergonomic for carrots and parsnips whereas the Y-peeler works better for potatoes, citrus, and other roughly spheroidal foods.
(I also use my [very sharp] Y-peeler for shaving hard cheeses into flakes so sure, I guess it is a cheese slicer too :) )
I like to cook with my child, they were able to peel carrots at age three using one, albeit with me holding the carrot!
Still, lots of crappy 'appliances' out there. If the labels aren't peeling or fading, then the knobs come off or there's too many parts to keep track of, and one falls behind something and, well, throw it away now.
Our fancy dishwasher had a soap flappy thing in the door. Convenient location! Fill and fold shut and... the manufacturer didn't think beyond that. When in operation it would jam against the wire rack and open about a quarter inch. After each load, a wad of saturated soap paste still inside.
Easy to wonder how such comprehensive failure to deliver (any) value can get all the way to a consumer. Is no one in the product process ever trying these things? Even once?
Well, off to make coffee in a gadget that has too many buttons, generally just flashes lights when I press one instead of actually doing anything, steams milk listlessly if at all, and is very hard to clean.
Marry Christmas!