At least judging by the pictures that JOG posted it doesn't. The arms don't have the veins nor the definition that male bodies do in-game. It's true thought that she seems to have AA cups size though.

As an heterosixual male i fully support this idea and thought this way back in oblivion. Some armours for females were even just a piece of plate on the arm and an steel-bra and yet it weights alot and gives an high armour rating. And it just looks silly. And for the record i don't mind females in male armour or females looking strong, i think that's just even more sixy

No but really, do this mod. It is needed!