Yessir it does. The 350's have the same general Ultramatic as the big boys. The only thing you're missing is the High-Low subtransmission (which is a deal breaker for lots of guys)
https://www.partzilla.com/catalog/yamaha/atv/2011/grizzly-350-1rs-4wd-hunter-yfm35fgiha/clutch item #11 is the one-way, which gives you the real engine braking
