Apparently it does not and I didn't quite expect it would. HOWEVER Ivan brings up a good possibility that has escaped Android people.
What is the purpose of an emulator? to EMULATE, right? I don't see why for testing purposes -provided the tester understands the limitations- the emulator might not add a Wifi emulator.
It could for example emulate WiFi access by using the underlying internet connection of the host. Obviously testing WPA/WEP differencess would not make sense but at least it could toggle access via WiFi.
Or some sort of emulator plugin where there would be a base WiFi emulator that would emulate WiFi access via the underlying connection but then via configuration it could emulate WPA/WEP by providing a list of fake WiFi networks and their corresponding fake passwords that would be matched against a configurable list of credentials.
After all the idea is to do initial testing on the emulator and then move on to the actual device.