It sure does, it's only 3.5 or 3.9 where you'd run into trouble.
this is not 100% correct:-) If you own an Amiga 4000 equiped with an Commodore A3640 Board you can "softkick" an Rom3.1-file into your RAM and run OS 3.9 without any problem on an Amiga with 3.0 ROMs:-)
greetings from Germany
Rotzloeffel