Yes, it does. Although when fully covered in snow, the panels blackout. But once the snow stops, it will start melting very rapidly on the surface of a solar panel. When the panels are slightly covered with snow, they usually work at 30% of their rated power.
If the environment around the solar system is fully covered in snow, then that actually enhances the system performance as it increases the light reflected to solar panels.
Even if you do get continual heavy snows in your area, during daytime for very long periods of time in winter, that has very minimal effect on the overall performance of your system.
So the bottom line is, don’t be put off to if you live in a snowy area.
Read the academic research of the effect of snow on solar panels here:
Prediction of Energy Effects on Photovoltaic Systems due to Snowfall Events