It does -- or so it seems to me; I may have misunderstood
your requirements.  Why not try it for yourself?

Why don't you try it?

It depends on what you mean by the second one. For
a vertical orientation I believe it will make all the
components the same width, if they aren't restricted by
maximum width. If it's a column of buttons for example,
they will all be as wide as the largest preferred width.

If the panel is on one side of a split pane or something
and you want the components to fill the width of the
panel but for the panel still to have a meaningful
preferred width, then GridBagLayout would be easy
enough, or you could write your own layout to do this
in about ten minutes. For the simplest case (minimum
size == preferred size, tightly packed components,
align to top, no respect for maximum sizes) you could
do something like (untested, may contain errors):

public Dimension preferredLayoutSize(Container parent) {
  Component[] children = parent.getComponents();
  Dimension psize = new Dimension();
  for(int c = 0; c < children.length; c++) {
     Dimension child_psize = children[c].getPreferredSize();
     psize.height += child_psize.height;
     psize.width = Math.max(psize.width, child_psize.width); }
  Insets insets = parent.getInsets();
  psize.width += insets.left + insets.right;
  psize.height += insets.top + insets.bottom;
  return psize;
}

public Dimension minimumLayoutSize(Container parent) {
  return preferredLayoutSize(parent);
}

public void layoutContainer(Container parent) {
  Dimension msize = minimumLayoutSize(parent);
  Insets insets = parent.getInsets();
  int w = Math.max(parent.getSize().width, msize.width) -
        insets.left - insets.right;
  int x = insets.left;
  int y = insets.top;
  Component[] children = parent.getComponents();
  for(int c = 0; c < children.length; c++) {
     Component child = children[c];
     Dimension child_psize = child.getPreferredSize();
     child.setLocation(x, y);
     child.setSize(w, child_psize.height);
     y += child_psize.height;
  }
}

public void addLayoutComponent(String name,
  Component comp) {
}

public void removeLayoutComponent(Component comp) {
}