Yes, it does.
Whilst a route map is not shown during workouts, when recording certain outdoor workouts - including Outdoor Walk - via the Workout app, the route map will still be recorded.
Once your workout results have synced to your iPhone after your workout, the route map can be viewed via the Activity app on your iPhone:
On your iPhone, in the Activity app, go to: Workouts (tab) > tap on the workout to view the summary > tap on the route map thumbnail at the bottom to view a larger version.
To benefit from this feature, be sure to check that Location Services are enabled:
On your iPhone, go to: Settings > Privacy > Location Services:
- Check that Location Services (the main setting at the top) is turned on.
- In the list of apps beneath, check that Apple Watch Workout is set to While Using.
- Also enable options under System Services including Motion Calibration & Distance, Wi-Fi Networking and Mobile Network Search.