no it does not, to see what googlebot and the like will see, disable javascript in your browser. Or you can get a lynx (text based) browser and use that.
If your worried about seo I would recommend not making a site completely in flash.
However what you can do is say some like this in a noscript tag:
"If javascript where eneabled you would see this information...(and go ahead and put, in complete sentences, what important content you want indexed by search engines.)"
If you really want you could put the whole text file data this way.
In the future I think the googlebot will be able to index flash content.
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Flash site seo
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