Yes, it does, but the changes for some are VERY VERY VERY slow.
Like, I started out with a very guyish face. I didn't even get called "she" for the first time until almost an entire year on HRT.
I was mostly passable by about 1.5 years, but my face and body still looked mostly male to me at that point.
It's taken me until just recently, about 2.5 years into HRT, before I finally started looking back at those old pictures and being unable to recognize myself, and looking in the mirror and seeing someone who is more or less completely 100% female.
It took a LONG time.
I do want to say, though, the face is one of the parts of the body that HRT changes the least, unless you have a LOT of muscle and soft tissue in your face for some reason. Like, HRT is a basically a soft-tissue-changing process. Skin, muscle, and fat all change on HRT. Bone does not. A LOT of what your face looks like is dependent on bone structure... your chin, your forehead, your nose bridge, that's all bone. So while HRT will thin the face out to make it look softer and less "heavy" overall, there are usually still going to be a lot of parts of your "old face" that you can still see because they're bony parts of the face.
Also, and this is something that I'm still learning...
A lot of times even if the face does look completely 100% female, we'll always still think we look like men, and be afraid of it. It's a common affliction. Many many people that I've known have had this problem where they ALWAYS still think they look male, complain about it, and the response they get from other trans people over and over again is "WHAT? How can you possibly think that you look male? If I looked half as feminine as you....." But it happens. Some people, even after FFS, still think that they look male to themselves. So don't be too hard on yourself. Odds are that other people don't see the same face that you think you're seeing.
I've had to accept this myself. I still look in the mirror and think that I look like a guy. Obviously that's not really the case, but my mind can still see it.
So take it easy and let the process happen. It is happening. Just be patient, and don't let your own critical eye sabotage you.