does migration assistant transfer itunes as well?

Welcome to the Apple Support Communities

By default, Migration Assistant will transfer everything, including iTunes. Then, you can choose what you want to transfer, so you can select the folder with your iTunes files

If you mean the application, then, No. That's installed by OS X. Migration Assistant is used to transfer your Home folder, third-party applications and support files, and system preferences.

That will transfer your iTunes Library which is in the Home folder.