Yes, it does if you want your photos and artwork to last.  Regular paper matting for instance still has acid in.  It has been buffered but over time the acid takes over.  If you have ever noticed browned beveled edges on a mat that is the effect of acid.  The acid then leaches into your art or photo.

Archival matting is either rag mat or alpha cellulose matting.  This matting is free of all lignin and acid.

The backing on your art should also be of the same quality mat board or foam board.

An archivally framed piece will be treasued for a lifetime.  But remember every 10 years or so, sooner if you live in a humid area to have it checked by a professional picture framer to make sure no little buggies or humidity has seeped in behind the glass.