It does not seem to:

vadi@gooseberry:~$ nvidia-settings

** (nvidia-settings:20334): WARNING **: PRIME: Failed to execute child
process "/usr/bin/prime-supported" (No such file or directory)
** Message: PRIME: is it supported? no

Segmentation fault (core dumped)
vadi@gooseberry:~$
vadi@gooseberry:~$ nvi^Cb n
vadi@gooseberry:~$ ^Cidia
vadi@gooseberry:~$ apt-cache policy nvidia-settings
nvidia-settings:
  Installed: 331.20-0ubuntu0.0.2
  Candidate: 331.20-0ubuntu0.0.2
  Version table:
 *** 331.20-0ubuntu0.0.2 0
        100 /var/lib/dpkg/status
     331.20-0ubuntu0.0.1 0
        500 http://mirror.aarnet.edu.au/pub/ubuntu/archive/precise-proposed/main
amd64 Packages
     304.88-0ubuntu0.0.3 0
        500 http://mirror.aarnet.edu.au/pub/ubuntu/archive/precise-updates/main
amd64 Packages
     304.88-0ubuntu0.0.2 0
        500 http://security.ubuntu.com/ubuntu/ precise-security/main amd64
Packages
     295.33-0ubuntu1 0
        500 http://mirror.aarnet.edu.au/pub/ubuntu/archive/ precise/main
amd64 Packages
vadi@gooseberry:~$ gdb nvidia-settings
GNU gdb (Ubuntu/Linaro 7.4-2012.04-0ubuntu2.1) 7.4-2012.04
Copyright (C) 2012 Free Software Foundation, Inc.
License GPLv3+: GNU GPL version 3 or later <http://gnu.org/licenses/gpl.html
>
This is free software: you are free to change and redistribute it.
There is NO WARRANTY, to the extent permitted by law.  Type "show copying"
and "show warranty" for details.
This GDB was configured as "x86_64-linux-gnu".
For bug reporting instructions, please see:
<http://bugs.launchpad.net/gdb-linaro/>...
Reading symbols from /usr/bin/nvidia-settings...(no debugging symbols
found)...done.
(gdb) re
Ambiguous command "re": rec, record, refresh, remote, remove-inferiors,
restart, restore, return, rev, reverse-continue...
(gdb) r
Starting program: /usr/bin/nvidia-settings
[Thread debugging using libthread_db enabled]
Using host libthread_db library "/lib/x86_64-linux-gnu/libthread_db.so.1".
[New Thread 0x7ffff078f700 (LWP 20387)]
[New Thread 0x7fffeef1d700 (LWP 20388)]
[New Thread 0x7fffed578700 (LWP 20389)]

** (nvidia-settings:20384): WARNING **: PRIME: Failed to execute child
process "/usr/bin/prime-supported" (No such file or directory)
** Message: PRIME: is it supported? no

Program received signal SIGSEGV, Segmentation fault.
0x00007fffe49d88a6 in ?? ()
   from
/usr/lib/x86_64-linux-gnu/gdk-pixbuf-2.0/2.10.0/loaders/libpixbufloader-xpm.so
(gdb) bt
#0  0x00007fffe49d88a6 in ?? ()
   from
/usr/lib/x86_64-linux-gnu/gdk-pixbuf-2.0/2.10.0/loaders/libpixbufloader-xpm.so
#1  0x00007ffff78ba892 in XCloseDisplay ()
   from /usr/lib/x86_64-linux-gnu/libX11.so.6
#2  0x000000000041203d in ?? ()
#3  0x000000000040c696 in ?? ()
#4  0x00007ffff5b5776d in __libc_start_main (main=0x40c560, argc=1,
    ubp_av=0x7fffffffe098, init=<optimised out>, fini=<optimised out>,
    rtld_fini=<optimised out>, stack_end=0x7fffffffe088) at libc-start.c:226
#5  0x000000000040c7ad in ?? ()
#6  0x00007fffffffe088 in ?? ()
#7  0x000000000000001c in ?? ()
#8  0x0000000000000001 in ?? ()
#9  0x00007fffffffe375 in ?? ()
#10 0x0000000000000000 in ?? ()
(gdb) q
A debugging session is active.

Inferior 1 [process 20384] will be killed.

Quit anyway? (y or n) y
vadi@gooseberry:~$