No it does not, however you can play GB\GBC games on your micro with Goomba Color:
http://www.dwedit.org/gba/goombacolor.php
basically it's a GB\GBC emulator for the GBA, you must pack roms in it though, you can't access a folder on your MiniSD. From experience with my EZFlash 3-in-1 on my DSL...