No it does not. While Rust 1.58 added "captured identifiers in format strings", it's not string interpolation. Instead, it lets you use the current scope as the keyword arguments to the println!
macro -- so it's a shortcut to passing those named arguments:
let name = "eonil";
// These two are equivalent:
println!("Hi {name}!");
println!("Hi {name}!", name = name);
This answer explains it in depth.
Since it's only syntatic sugar for formatting macros, it doesn't work like general string interpolation:
let revision = 34343;
let output = Command::new("TortoiseProc.exe")
.arg("/command:log")
.arg("/startrev:{revision}")
// launches uninterpolated "TortoiseProc.exe /command:log /startrev:{revision}"
let output = Command::new("TortoiseProc.exe")
.arg("/command:log")
.arg(format!("/startrev:{revision}")) // using the macro
// launches intended "TortoiseProc.exe /command:log /startrev:34343"