No, it does not. But you can install the 64 bit Oracle client and the 32 bit client side by side. I have:
C:\Program Files\Oracle\instantclient_11_2
C:\Program Files (x86)\Oracle\instantclient_11_2
My environment variables use "ORACLE_HOME=C:\Program Files\Oracle\instantclient_11_2\" so the 64 bit client is the default.
I changed my PL/SQL Developer shortcut to add the parameter instantclient="C:\Program Files (x86)\Oracle\instantclient_11_2" so it uses the 32 bit client.
This lets me run PL/SQL Developer and Oracle Data Modeler side by side without any problems.