Yes it does (even when set to "10"). A typical tone control is a 250k or 500k pot wired in series with a 0.022uF to 0.05uF cap to ground, so this will loud down the signal a bit. Fender has been using no-load pots on some of their guitars so when you turn the tone control up to 10 it is removed from the circuit.
Many people like the way a typical tone control will load down the signal, cutting the highs a bit so they aren't too "ice picky". (I like using a no-load tone control when linking the bridge and neck pickups on my strat in series, since it can get a bit dark otherwise.)