No, it really doesn't. Windows has had backwards compatibility as a huge priority for a long time, often to their detriment. You can literally update a machine from Windows 3.1 to windows 10, and programs written for Windows 3.1 will still work.[1]
EDIT: TO be clear, this is a video of upgrading to Windows 7, and there is a direct upgrade path to 10 from 7. Also, as per another user's reply, this doesn't hold true for 64-bit. However, that doesn't change the fact that Wine doesn't and really can't run win32 better than win32 does.
[1]: https://www.youtube.com/watch?v=vPnehDhGa14
EDIT: TO be clear, this is a video of upgrading to Windows 7, and there is a direct upgrade path to 10 from 7. Also, as per another user's reply, this doesn't hold true for 64-bit. However, that doesn't change the fact that Wine doesn't and really can't run win32 better than win32 does.