I played with it a bit, and no, it doesn't! And I am talking as someone with limited music culture, musicians are likely to be even more critical.
For the first few tries, it sounds impressive and the tunes are catchy. It used to sound wrong in the background but they mostly (but not completely) fixed that. However, after a few dozen songs, it starts to always sound the same. It is all generic stuff, the songs tell no story, it is a bit like the kind of music that accompany corporate advertisement. You can try to be more precise in your prompt, but I never had any success, it will just ignore most of the details that could make your song interesting.
The most interesting result I had was actually when I managed to get it off rails, a bug more or less. I asked it to mix two very different genres together, and it made something unsettling in a way I don't remember hearing before. But as always, further working on it proved extremely difficult, as it always tried to go back to making generic stuff, ignoring the details you give it.
Suno can do remixes though. And it is a bit like with code. LLMs are very good at porting, when you already have something that works, it can make it work in another language. But if you just have an idea, it will screw up at anything original. If you want a LLM to implement your idea properly, you have to give it so much guidance that it amounts to writing the code yourself, while struggling with the ambiguousness of natural languages.