No I don't think it does but it works. Specifically I download webp pictures on pc and when I try to send them on WhatsApp it does not recognise them so I change the extension to JPG or PNG and it works it sends them and they can be viewed.
They might use standard imagemagick or such on the backend meaning they can ingest pretty much any image format ever invented, and have a limited set of extensions allowed on the frontend side so people don't upload .txts.