Yes, it does. The basic idea for setting this up is to first create an Extension in Axon for each call center agent. Then create a new ring 'Group' and add all the extensions that your agents are using. Assuming you've already set-up your external incoming phone Line, set that line to send incoming calls to the Group you just created.
Lastly, make sure your agent's soft-phones or IP phones have call waiting disabled (or whatever equivalent feature it uses) otherwise the agent's calls may be interrupted by ringing signalling that another call is coming in. If the soft-phones/IP phones you are using have no way to disable ringing/call waiting tones for other calls that come in, consider using a silent ring tone so that an agent can see when new calls are coming in but it won't disturb the call that is already in progress.
After that, it should be good to go. When someone calls in, all the phones not in use will ring and when one agent answers, the other agent's phones will stop ringing until a new call comes in.
Axon does not support ring strategies however (e.g. where you ring only one particular inactive agent for a phone call, or where you ring the agent that has had the least calls for the day, or you ring an agent that has been idle the longest, etc.)