No, it doesn't track administrator activity in making configuration changes.
It sort of assume trust in administrators, and that there's no need to track them. In the places I've worked, I've always been able to trace admin changes back to a Jira support issue (rule: do nothing as a Jira admin unless you've got a Jira issue to point at and say "the users asked for..."), butI think you're looking for more automatic logging of changes, which it doesn't do.
That said, have a look at https://marketplace.atlassian.com/plugins/com.plugenta.jiraauditor which does log almost everything. I've recommended it several times, although it's always been for tracking *project* admins misbehaving, issue deletes and in places where you've got Jira admin teams who don't talk to each other properly.
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