Yes, it does.
From my manual (I have a similar Rheem HPWH):
Operational Modes:
Heat Pump Mode
This mode will heat with Heat Pump operation and will not use
electric heat during typical heating and demand cycles. This mode has a low recovery but minimizes power consumption.
Energy Saver Mode
This mode will provide functional control operation resulting in water heater performance that meets Energy Star requirements. FHR (First Hour Rating) – exceeding the minimum of 51 GPH (Gallons Per Hour) and a minimum UEF
(Uniform Energy Factor) of 2.0. As a result, compressor operation will be maximized and use of electric heat will be minimized.
High Demand Mode
This mode provides the highest recovery while still providing good energy savings. Water heater operates Heat Pump and Electric Heat simultaneously.
Electric Only Mode
This mode will heat with the electric resistance elements. This mode should only be used during filter and condensate drain maintenance periods. This mode will result in maximum power consumption. (See “Elec. Heat Override Time” in settings.)
Vacation Mode
This mode will allow duration setting between 1 and 28 days or set indefinitely with the “Hold” setting. Tank temperature will be maintained at about 65°F.