Yes it does.
How often you need to change it depends upon your system.
If you are just starting to use it to knock down a high (or higher than 'normal') phosphate level, you may want to change it weekly.
Once you get your tank down to a desirable phosphate level, you can change it less frequently.
For anyone just beginning to use GFO, do keep in mind that you do not want to drastically lower your phosphate level too quickly as it can affect your corals. Best to follow the directions on the jar for how much to use (as there are different brands of GFO) in a tank your size, and gradually reduce your phosphate level and then maintain that level for a healthy tank. :fish: