Yes they do but that's likely a vestigial remnant of X11 naming schemes. I could point out labwc, xfwl, hyprland, dwl, etc for counter examples. Yes compositors manage windows, they are not called window managers by the spec.
From the Wayland website
A Wayland server is called a "compositor".
Additionally, there are compositors that leave window management out of their job description, I believe there are a few but the one I remember most is kiwmi which left window management to lua scripts.