Yes, with the caveat that it seems to have an off-by-one bug. My Fenix 3 had a few of those.
I've had mine set at around 180 bpm for a while. A week or two ago I hit 185 bpm while running. When I saved, the watch reported that I'd hit 184 bpm and (I think) asked me if I'd like to update my maxHR. When I look at the record of the run it shows 185, which I thought I saw on the watch while I was gasping for breath.