Believe it or not, I had never thought of that, but now you mention it, I believe that yes, it does. Especially if you dress it so that the Standing Part before the eye is more straightened than it is in the "decorative" form this loop is often presented, you see a one-full-turn helical coil entangled within and around a Pretzel-shaped knot tied on the returning eye leg - in away that, on the one hand, it keeps it in one tightly woven piece, and, on the other, it penetrates it, thus been obstructed of sliding or "walking" downwards, towards the tip of the eye.
( In this elongated form, this loop, too, can be considered an adjustable loop ).