Yes it does. I think it's uncommon in western Europe nowadays, but there's plenty of places in the world where arranged marriages for economic or social benefits are the norm, like in much of south and west Asia and Africa.
But even if such marriages didn't exist any more in any place in the world, it wouldn't make a difference for the answer to the question in the OP: "do you think two people are cable of being in a relationship with both parties being equally aware that neither has feelings of love for each other?" People are obviously capable of that, as people have done just that for thousands of years.