Why yes it does,
Doesn't change the fact that it is not a X-Fi in any way, shape or form. It is nothing more than a riser card (you got that part correct) for the onboard audio, in place of having the audio chip on the motherboard. It is nothing more than a Soundmax based "card" that uses some of the X-Fi software (also known as "X-Fi MB). It does not and will not work with any drivers
or software from Creative, they leave support for it up to whoever it was that sold/included it with thie product (in this case Asus).
Still going to need the driver
and X-Fi software for it to work properly.