Yes I believe it does. It is not something you should leave on your wheels for more that a couple of minutes even in the diluted form. But to remove that black stuff that gets baked on it works in just a few seconds. Then you rinse it off with water. My method was to take an old washcloth and roll it around a 1/2" dowel rod. Then I sprayed the wash cloth with the wheel cleaner. Then I rubbed it over the baked on black marks and it came off in seconds. So there is no reason you need to "let it soak" so to speak like grease on a baking dish. Just rub this stuff on and the black stuff disappears. Then of course you want to rinse it with lots of water.

I used so little of it to take the baked on stuff off my wheels that you can't tell I even used it. The guy who details for a living says if you spray it on your brake calipers they really shine. I didn't feel comfortable with spraying it with the wheels on, so I went with the conservative approach. Now I have no more black baked on stuff and can clean the wheels like I do the rest of the car...

This is not a cleaning product to be careless with...