Yes, it does. And the proper neuter form in English is "it/its". It's just that English isn't that heavily gendered like other European languages (and dummies haven't been taught the difference between the concepts of biological male/female and "masculine/feminine/neuter" in several decades, it seems.

But they get it from a long-standing informalism of referring to hypothetical people of "sex doesn't matter for this example" as "they/them" to avoid using the impolite term "it" on a human .. even though "it" is perfectly correct when talking about those whose sex is indeterminate (though usually reserved for babies and non-humans. Which is why we colour-code babies, and sometimes dogs, too.)