Yes it does, very much so. I did the front brake on my bike and I spilled some fluid on my bike to the following effect.
It only took a few minutes to eat its way through what it found contact with. Not a big deal as my bike looks rough anyway but it did lead me to find out a really handy tip. I tried this out subsequently and it worked really well.
Apparently when BMW techs they are doing a brake job keep a little squirty bottle of water to hand so if some spills, in seconds they can give it a blast of water and the problem is solved. Brake fluid is hydroscopic so washes away very easily. Using the bottle keeps it from getting in the reservoir like it might if you used a hose.
Just thought this little tip might save someone ruining their nice bike whilst doing a brake job!