It does, but not in a permanent way and the userland bits may not be automatically updated. You may have to restart wlancond, and you may have to give it a different $OSSO_PRODUCT_WLAN_CHANNEL in the environment (the default value comes from the cal partition via /usr/bin/osso-product-info).
...not in a permanent way ...
You may have to restart wlancond
/etc/init.d/wlancond restart
... give it a different $OSSO_PRODUCT_WLAN_CHANNEL in the environment
OSSO_PRODUCT_WLAN_CHANNEL=12