Yes it does, I use a lot of Rotella in mine and it works very well, but I'm currently running Pennzoil for the winter and no discernible tick, in fact the quietest its ever been. I'm wondering if all the moly in PYB offsets some of the lack of ZDDP.
I have done a LOT of fiddling with mine, 2004 4.0, and mine doesn't like anything heavier than a 10w30. I'm not the only WJ owner to comment on this. Older 4.0's in XJ's and such seemed to thrive on even 40 weights. I mention this as I suggest you not fall into the 15w40 HDEO experiment, Rotella is readily available in 10w30 so I'd try that if you're going to go that route.
Mobil 1 High Mileage has higher ZDDP as well if synthetics are your preference, another popular choice for the 4.0.