Yes, it does, though it's kind of nice that it added a nifty feature where if collapsed to the minimum vertical height it become a line of drop-down menus to pick typeface and attributes and size.
It's been there since the early days of Mac OS X --- during one UI flamewar on usenet on either comp.sys.next.advocacy or comp.sys.mac.advocacy I suggested it as a way to address the perception of "wasted" space and it showed up (probably coincidentally) in the next iteration.
