Yes, it does in a global sort of way. Ever since high resolutions displays became the norm there is one global setting in the display settings to "Change the size of text, apps and other items." It works to a point but also changes much more than text. I'm currently using a display 2048 x 1152 so the 'optimum' adjustment per M$ is 125%. Changing the display to 3840 x 2160 the 'optimum' is 250%.
It is not that the default is unreadable, it looks like a system font at 6 or 8pt is used in the multicolumn listview.
Chalk it up to a 'nice to have'
John Z
P.S. The screen capture image shows larger than the actual ;(