Yes – Yes it does – and quite well I might add . . .
The picture below shows the radiation pattern for a loop antenna – which is also its receive pattern – it has two defined receive “spots” and two defined “null” spots . . .

Here is WLS Chicago at about 5AM CDST this morning with the antenna oriented to an East / West receive axis . . .
And here are the “nulls” oriented East / West . . .
The audio really sucks on these two clips – still trying to figure the hardest way to capture decent audio and work backwards from there – LOL! – but – look at the signal strength – the top one you heard clear – the bottom one not at all . . .
While it is not a complete blanking of signal – the use of the “null” aspect of the loop allows you to significantly diminish a signal from a station – say from Spain – that is broadcasting on the same frequency as a station from – say South America – that you want to hear . . .
The Bottom line? The DXE-RF-PRO-1B does work – and works well! – I consider it a GREAT tool to use for SWL. Now I just have to get together with my neighbor and get my random wire antenna up – yet another “tool in the box” . . .
And that weird signal? Did some digging and found out it is a Russian OTH ( Over The Horizon ) radar – so now we know . . .

Have Fun! – Run the Gun! – and remember – Fish Heads are Cheap!!