Yes, it does.   4MB, but 2.1 "effective" increase based on current traffic patterns.   

We need this block size increase today, because fees are going to become a big barrier preventing adoption as bitcoin price is bloated by institutional involvement in the coming year.

Also, since there's no way we can record every person's coffee and pizza purchases in the whole world in a single block chain, Bitcoin is going to need chained unconfirmed transactions ASAP as well.   

Segwit fixes both of these problems fairly quickly.   There's a cool compression algo coming out that can also triple the rate without bloating the chain at a loss of anonymity... but I wouldn't relay on that vaporware.  Segwit is real and is the only tested solution to date.   (( Bitcoin Classic was probably OK too.. (simple 2MB fork), but it never got off the ground. ))