It may do, but when Pinnacle released those things years ago the reviews slammed them. The onboard video encoding didn't work fast enough so you got jittering and synch problems. With a newer modern machine it may be OK though
As a general comment, my experience over the years with Pinnacle gear - whether TV tuners, DVD burning software, encoding hardware or video editing stuff is that its really not worth the hassle. Too many patches required, and often it simply doesn't work. Never used this exact model - I had an earlier analog to digital device and that was close to useless