NO. Well, at least mine doesn't. I have a common DLink DUB-H7 7 port, 3 amp powered hub. When I disconnect power from the micro usb power connector to the rpi, the rpi's LEDs turn off! If the rpi is powered down, and the usb hub is powered down and the rpi plugged into the hub, if I turn on the hub, the rpi does not get power. I have to apply power to the rpi's separate power supply before the rpi does anything
Maybe the previous poster has a different kind of powered master/slave usb hub than i am using.