Apparently not, I believe it employs the H1-A driver, and there’s nothing shown about step down in its description either.
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According to this statement in post #57 of this thread the H1-A doesn’t have step down, only LVP@3V:
“H1-A maintains regulated output until input voltage hits 3V, at which point it begins to taper the output down as to maintain the 3V on the input, it cuts off somewhere below 100mA on the output, once input can no longer hold 3V.”
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Also in this driver thread the KD’s H1-A and H2-C are the first two drivers tested, he shows a step down for the H2-C but not for the H1-A.
I guess that could be a good thing or a bad thing, depends how you look at it.