It does. In Buddhist texts, it seems that rupa has two specific meanings. One is the imagery that’s seen with the eye and the other is the material form of the five khandhas. I think the second meaning is an extension of the first in some way, but I’m not an expert on Indic languages. I sometimes wonder, though, if rupa in the khandhas wasn’t originally a shorthand for all the sense objects. But at some point, it became a general term for whatever isn’t part of the mental process. I’ve not seen anything to suggest this in the texts, it’s just a speculation that makes sense.
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