No, it does not. Clean installation of latest Big Sur on external SSD. MacBook Pro16 (2019). Fresh download of Aperture from App Store. Run latest version of Retroactive 1.9. System says OK - can run Aperture.
BUT, cannot import image files from external drive. Click on import, select drive but window showing thumbnails of files to import stays blank. Trying to import from files from the boot drive does appear to work - window showing files to import with the checkboxes to select which ones to import does get populated with images.
Viewing the contents of folders in Aperture library half works. Some blocks of images appear in the browser, but there are large blank blocks. Clicking on a blank area sometimes results in the images in that block appearing - but blocks which did have images go blank. Number of items displayed shown at the bottom of the browser window is correct (i.e. number of items in the folder) and the browser window scrolls as if all the images were there - but they are not.
Tried using external drive formatted as Mac OS Extended (Journaled) and as APFS 0 makes no difference.
Same version of Aperture, same version of Retroactive, same external drives - works perfectly under Catalina with no glitches.
You can, I believe, load an old version of an operating system on a new Mac - i.e. load Catalina onto a new Mac which came with Big Sur preinstalled. I have just successfully reverted my Big Sur installation back to Catalina. The superb cataloguing and metadata functions of Aperture are just too good to lose.