Yes, it does. That's the straight up answer.
It's a little bit special, and I want to tell you guys a little bit more about it.

So here's the information I gathered after doing some research:

What happened in the past:
The world "edge" is called the Far Lands.
Since Beta 1.7.3, the "real" world of MineCraft ended after 32 million blocks. Versions between Alpha 1.2.0 (Halloween Update) and Beta 1.7.3 rendered fake chunks outside of a limit of 32,000,000 meters; attempting to walk onto them
would cause the player to die in the void. From the beginning of Infdev all the way to the Halloween Update, the world abruptly ended at 32,000,000 meters, and leaving the boundary caused you to be stuck rather than die.
In 1.7, an invisible wall preventing the player from going into the Far Lands has been added. It goes up to Y = 2,147,483,647.

What happens now:
They now call it simply the world boundary. Now, the limit is X/Z = 29,999,999. There are still these same weird effects happening when you try entering the world boundary or Far Lands. However, in the next update, in version 1.8, the fake chunks beyond this edge will not render. There will just be... nothing really.

So this is quite interesting. Notch himself has been thinking of these "Far Lands" or simply the world boundary for a long time. He has tried  fixing this issue many people were discussing on the forums in many ways, and in my opinion the invisible wall was the most effective one as, even if you're in creative, you can't pass it without having to fly two billion blocks up and then fall all the way down again, just to encounter massive lagg and be stuck.

Fun fact:
There's also a "Nether Far Lands" and a "Nether world boundary". All dimensions have one.

I hope you all enjoyed, bye!