No, it doesn't. The picklist for the field only contains the states. We ran into a problem initially when integrating with CRM because Eloqua calls it State or Province but the same field in our CRM is only State and then Province is its own field. There are so many other regions with provinces too - like Australia and even Japan. So I've reverted it to State only (picklist) and then Province (open text) - except that Eloqua wont' let me change the field name.
Anyway! It was a great question and I appreciate you checking on this point.
Eileen