It absolutely does. In my current MyNBA save I gave every player a +1 to the Lightning Launch badge, makes offense more dangerous and fluid while still allowing me to tweak the defense however is needed.
Though it doesn’t help in the way the Blow-By badge did last year, as the Lightning Launch badge seemingly just increases your Speed with Ball. So it makes it easier to get to the side of a defender to stop a cutoff animation, but it doesn’t trigger a simply blow by animation just for walking into a defender that doesn’t have Clamps like in 24.