Sadly, I don't think it does. It obviously has the technical ability to, since if you change the speaker configuration, it remaps all the jacks to different things.
When I was researching it (after I bought the stupid B450-i board), it seems that ASUS doesn't support this basic functionality, even though Realtek normally includes it by default. I know my old Gigabyte P45 board supported it by default. It also seems they don't support/enable the built in EQ in the realtek drivers. Instead they push it off to Sonic Studio -- so now you need ANOTHER application running just for basic functionality.
Personally, I like to map two rear ports to front audio so that I can always keep a headset attached and my speakers without having to plug things in an out constantly.
2700X - Rog Strix B450-i - g.skill 3200 CL14