Yes and no. Photos is checking for duplicates when you import photos and videos and will warn you, when you try to import the same item more than once. So you can avoid to import the same item twice. But it will not recognize duplicates if you convert the file to a different format or import an edited version, only identical files will be recognized.
There is no tool in Photos to scan for duplicates that already have been imported. You will have to search for them on your own or use a third party duplicate finder.
But not all duplicate finders are safe to use, see: Using third-party apps to remove duplicate photos might damage your Photos for macOS library - Apple Support
Do not use any duplicate finder, that will delete photos from the Photos library directly. Use only tools, that collet the items in an album, so you can delete them using Photos.
I am using Photo Sweeper or PowerPhotos.