No, it doesn't - in the sense that it is not applicable in the UK (or Ireland).
It can however be used to apply UK [insert relevant part] succession law to assets located in an EU country which are subject to the Regulation (everybody except the UK, Ireland and Denmark).
I have a bad feeling that my second paragraph may be contentious - there are issues over whether the UK is a "Third State" for the purposes of the Regulation (which may be resolved anyway in March 2019) and whether English succession law can ever be applied to assets outside of the jurisdiction. Even writing this may be contentious.
Osborne Clarke LLP