This French study by Di Marino and Lepidi claims it does, however I had trouble finding anyone who sourced their work, so I’m not sure if it’s peer reviewed.
The current thought is that the clitoris does not get fully erect in a way a penis does, but they claim to have found the opposite and have the pictures to prove it. I know nothing about interpreting histology so I can’t say if their pics back up their claims or not.
I will say I’ve seen photos of metoidoplasties (don’t ask, I was just curious one day ) and while they definitely look penis-like, they weren’t exactly totally convincing either.