yes it does. atproto works quite different from activitypub, but the summary is as follows. Every decentralised network needs 3 parts:
data storage
application logic (stuff like counting the number of likes on a post)
a client (the website you log in to)
fediverse combines this into a single server: mastodon.social stores my data, it counts all the likes on all the posts i see, and when i visit mastodon.social i see my timeline
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