No it doesn't.
Yes it does.
It may not be the best or most complete schematic editor around, but it's fine for beginners, and can introduce them to the concept and symbols used.
Many schematic editors are part of a larger tool package which also includes a pcb layout editor. Often, the schematic editor and pcb layout editor are linked and can help the designer enourmously by detecting any inconsistencies in the components and connectons between the two "views" of the same circuit. Eagle, for example, is like this.
Fritzing is no different, but it also has a third view, the "breadboard view". This is the view that it is famous/infamous for. A Fritzing project can have all 3 views and spot errors and inconsistencies between all 3, which could make it very usefull for absolute beginner projects.
My criticism of Fritzing is the poor "workflow". Projects should always start with a schematic, then assist the user as they lay out their prototype on breadboard or stripboard as the next step, spotting connection errors, missing connections etc compared to the schematic. During prototyping, it can help the user keep changes and corrections made in the breadboard in sync with the schematic and vice versa. Once the prototype is working, the last stage would be to design the pcb, maintaining consistency with the 2 other views. Unfortunately, many users never explore beyond the breadboard view, and often even call that a "schematic".