Absolutely it does!
Although a very convenient Pan & Zoom tool was added in versions 11 and 12 which makes the process much easier. So, if that feature is important to you, you may want to consider a newer version of the program.
What are you doing in Premiere Elements 9.0/9.0.1?
Are you keyframing the Motion properties of Scale (for Zoom) and Position (for Pan) to get a pan and zoom effect?
Are you using the Edit Header/Effects/Presets and one of the presets for a pan OR zoom effect (the Presets allow for only a pan per picture or a zoom per picture but not a pan and zoom per picture).
Have you been using the Elements Organizer 9 Slideshow Editor to create a slideshow with the pan and zoom feature there and then transfer the Elements Organizer 9 slideshow to Premiere Elements?
If it is the Premiere Elements 10, 11, or 12 Pan and Zoom Tool that is making you think to laterversion than 9.0/9.0.1, perhaps the following Adobe document may give you more information on that.