Yes, assuming the VB5 Product/Hook system is enabled... it's disabled by default (like it is in earlier VB versions.)
You have to enable it either by going to Manage Products in the Admin CP or the the product/hook settings in settings.
Then on the first front-end page load it installs, so you have to refresh/reload the page twice really to see it work as designed.
Most VB5 mods will probably auto-install, it's a fairly easy option for mod authors to setup...
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