No it doesn't. Or, if it does, the rate is so slow I don't care. I've been washing all my white shirts, white socks and tighty whiteys in hot water / bleach since my mom taught me to do so. When my wife, then girlfriend, moved in I quickly took back over the laundry because otherwise it wasn't done to my satisfaction. Otherwise whites become dingy grays.
I use it for other things, like cleaning the bath mats, getting the coffee stains out of coffee cups - indispensable household supply in my view.
I agree. The only problem with using it on clothes, to me, was when I used too much. It turned my white t-shirts yellow. It does the same to polyester.