Yes, it does, although it's almost like horizontal microcode; it can do several things in a clock cycle other than the instruction itself. I didn't mean to imply that you could bitbang 100BaseT with a Padauk PFS150 or a PY32.

The Padauk FPPA chips are probably a bit better at bitbanging strange protocols than any ARM, but not in the same class as the Pi's PIO.