No it doesn't.Tab absolutely fails at presenting note duration, or rhythm.
It's true that old-school internet tabs as in plain text files where somebody has just "drawn" the lines by typing a bunch of hyphens or whatever generally don't attempt to indicate rhythm, and often get the pitches wrong, and are not useful unless you already know how the song sounds and can do the rhythms from memory.
However, "proper" modern tab notates rhythm (including note length and rests) using exactly the same conventions as standard notation, and I find it pretty easy to sight read, assuming the piece is within my technical capabilities.
Following is just one example of tab notation with all rhythm included. The first time I tried to play this I had never heard the song before, but was able to play about 95% of it with reasonable accuracy just by sight reading it - the remaining 5% being some of the fancier fills where I stumbled over fingering, but that would have happened to me with standard notation too.