I think it does, and since you’re using iOS I’m not sure what your options are. (Android users can install a third-party notification interceptor and configure it to handle things like this.) I think what you’re asking about has been requested in some form in a few Wishlist topics:
As with any Wishlist topic, you can visit those to click or tap the Vote button above the initial post and share your ideas and use cases in the comments to show your support for the product and feature request/suggestions that are important to you.
If you’d like to have your post moved to one of those (I’m thinking maybe the first), then please let us know. Even so, we’d encourage you to VOTE!
I don’t know what your subscription status is, and I completely respect that a lot of people enjoy using their Wyze products without subscriptions, but one option for dealing with the notification overload might also be Cam Unlimited Pro with the NBD Filter.