No, it does not. The bandages issued to front line soldiers are to stop major bleeding - not little paper cuts - so that the wounded soldier has a chance to receive more advanced medical attention. RO's kill system simulates major bleeding as kills because of that very reason.
Trust me, some of us actually have real-world experience with this.
I know, of course is bleeding and bandaging nor realistic. But RO is also not realistic because in real live after being hit in the lag all you would do is spasming in pain. Also the principle caring for your teammates is important in real live, but I'm missing it in RO.
This feature would be making RO being closer to the reality.