Answering my own question, yes it does:
root@bananapim5:~# lscpu | grep aes
Flags: fp asimd evtstrm aes pmull sha1 sha2 crc32 atomics fphp asimdhp cpuid asimdrdm lrcpc dcpop asimddp
root@bananapim5:~# cryptsetup benchmark
# Tests are approximate using memory only (no storage IO).
PBKDF2-sha1 287438 iterations per second for 256-bit key
PBKDF2-sha256 551882 iterations per second for 256-bit key
PBKDF2-sha512 342224 iterations per second for 256-bit key
PBKDF2-ripemd160 200109 iterations per second for 256-bit key
PBKDF2-whirlpool 104523 iterations per second for 256-bit key
argon2i 4 iterations, 417426 memory, 4 parallel threads (CPUs) for 256-bit key (requested 2000 ms time)
argon2id 4 iterations, 421453 memory, 4 parallel threads (CPUs) for 256-bit key (requested 2000 ms time)
# Algorithm | Key | Encryption | Decryption aes-cbc 128b 467.8 MiB/s 520.4 MiB/s
serpent-cbc 128b 44.4 MiB/s 49.7 MiB/s
twofish-cbc 128b 69.0 MiB/s 73.9 MiB/s
aes-cbc 256b 457.1 MiB/s 529.3 MiB/s
serpent-cbc 256b 45.1 MiB/s 49.7 MiB/s
twofish-cbc 256b 70.0 MiB/s 73.8 MiB/s
aes-xts 256b 554.0 MiB/s 553.7 MiB/s
serpent-xts 256b 43.8 MiB/s 49.1 MiB/s
twofish-xts 256b 69.4 MiB/s 75.2 MiB/s
aes-xts 512b 505.9 MiB/s 505.4 MiB/s
serpent-xts 512b 46.2 MiB/s 50.2 MiB/s
twofish-xts 512b 73.2 MiB/s 75.1 MiB/s
