It could but does not do so out of the box. It currently provides no additional capabilities beyond what the Expire1 binding provides. I’m not sure adding that feature is entirely appropriate. My intent for the JSR223 version was a stopgap for those who end up transitioning to OH 3 but are not yet ready to transition away from the Expire1 binding.
For installation see [beta testers wanted!] Jython addon w/ helper libraries (requires OH 2.5.x) to get Python installed and see Reference — openHAB Helper Libraries documentation. Essentially you download the files, drop them into $OH_CONF/. The folder structure checked in will put all the right files in all the right places. There is no special configuration required for the library so once you drop it in place it should work.