Yes it does.
After the filter is applied, only objects moving at the same frequency will show motion. They may or may not be directly attached to the object of interest. In addition, as the attached report shows, you can filter different videos for the same frequency to find sympathetic vibrations in other locations.
This video report from Stuart Walker with Reliability Maintenance Solutions Ltd an Authorized Reseller of the Iris M™ System in the United Kingdom is an excellent example of how to use filters to determine root cause of a problem.
NEW BEHAVIOR after update to Version 2.1
Now, with the introduction of "Amplification Regions" you can specify that only a portion or portions of a recording be amplified. Then, by filtering you can specify that only the amplified regions get filtered.