It does, just use a Sonic Stomp or some sort of equalizer in the master parallel loop and adjust the parallel mix knob on the front to taste
I use a Sonic Stomp with both knobs at 3 o clock, turn up the mids real high, and then adjust the mix knob to set the scoop level. Makes channel 4 SICK. Now if only I could play at real volumes.....
I like the mid-cut and usually always have it on. But I also like Metallica.
I wish more amps had this feature as the majority of heavy tones over the years were produced by using some sort of mid-cut eq, either from the amp itself, an outboard parametric eq, or in post production.
The mid-cut even makes the clean channel sound great. If you haven't tried it yet, I suggest trying it.