Yes it does. I have DV Rack 2 HD and whilst i haven't had cause to use it, i have toyed with it. I have a Sony Z1. It really depends more so whether your Laptop/Notebook will cope with the capture....
Would you mind double checking to make sure if you have time. I am being told that due to the long GOP's it would be hard to get timelapse via capture.
Now, I know I can capture 10 hours of footage to hard disk and speed it up, but I am talking about 1 frame capture every x minutes.
I will try to check for you later today, but i believe the time lapse function in DV Rack was only for SD.
Moreover, I suggest using a still camera - many of which have a time lapse function - then simply importing the stills.
You'll have better glass, bigger files and an easier all-around workflow.
I read in another forum someone casually mentioned that it handled timelapse for HD but when I was speaking with John Meyer, he stated that it could not do to the long GOP's. I would put my bet on John, but just wanted to be sure and the only way to do that is to ask someone who owns it.
Check with John because the OnLocation manual (DV Rack new version) say it does do time lapse and with JVC and Sony GOP. DV Rack remember had HD as an upgrade/HD pack so the basic DV Rack wont but I really think OnLocation which is all formats does. I will try it tonight.