It sure does. He has stated he doesn't really have internal organs and maybe he doesn't in the sense that we do. I could be totally wrong, but I have a feeling I'm pretty close to being right.
When I have a favorite character, I make sure I observe everything about them, even the little things that seem irrelevant, because those little mannerisms can add depth to a fic. Odo fascinates me because he reminds me of myself--an outcast who doesn't fit in--but his is more on a physical level while mine is mental. So I'm always speculating about him, his physiology and how his senses work. He must have "grown up" watching people a lot to be so good at picking up body language, but it took being stuck as a solid before he (in my headcanon) really understood why humanoids react to emotions the way they do. I look at emotions exactly the same way he does--sometimes they confuse the heeelllll out of me, and I think it's one of the main reasons I can relate to Odo and why it's so fun to pick apart what makes him tick.