Yes, it does.
I would think that a passport card would help satisfy the requirement for identification and evidence of U.S. citizenship. Especially if my photocopy of my lost passport is actually just a photo or PDF on my phone.
Also, I store my passport card separately from my drivers license (in a backup wallet) when traveling so that if my wallet is lost or stolen I don’t lose both.
But I’m probably just trying to think of uses for it. The main reason I always get it is simply as a backup form of official identification. For example, I don’t want to miss a flight or be delayed getting through security if I my driver’s license is misplaced, lost, or stolen while flying domestically. There’s no easy way to replace my Connecticut driver’s license in a timely manner if I’m vacationing in Florida.