Jack, the rear sight is adjustable for windage & elevation, with a fixed fiber optic front sight.
Better pictures here >>> https://ruger.com/products/ruger57/specSheets/16401.html
Stay safe & have a great day!

yes it does from ruger site see ***MODEL NUMBER: 16401 CALIBER: 5.7X28MM
Capacity20+1
Grip FrameHigh-Performance, Glass-Filled Nylon
Barrel Length4.94"
Overall Length8.65"
Barrel MaterialAlloy Steel
Barrel FinishBlack Nitride

Front SightFiber Optic
Rear SightAdjustable
Slide MaterialAlloy Steel
Slide FinishBlack Oxide
Weight24.5 oz.

Slide Width1.20"
Height5.60"
Grooves8
Twist1:9" RH
Impressive ergonomics include an easy trigger reach, 1911-style ambidextrous manual safety, robust slide release and reversible magazine release latch.
Through hardened, billet steel slide with lightening cuts is drilled and tapped for easy mounting of optics with separately available optic adapter plate, available at ShopRuger.com.
********Windage and elevation adjustable, serrated rear sight and rapid acquisition fiber optic front sight for fast, accurate shooting.
The alloy steel barrel features a black nitride treatment for wear resistance.
Steel magazine provides double stack capacity without unnecessary bulk.
Textured, ergonomic frame provides a secure and comfortable grip.
Utilizes Ruger's safe, reliable and proven Secure Action™ fire-control system that combines a protected internal hammer with a bladed-safety trigger. https://ruger.com/products/ruger57/specSheets/16401.html

Hi Jack and welcome. Yes Sir it absolutely does. Windage and elevation adjustable serrated rear sight and rapid acquisition fiber optic front sight for fast, accurate shooting. Cheers and stay safe!

These are dovetail sights so height is a no but you can get some windage adjustments by moving the rear slightly left or right.