I'm pretty sure it does but maybe I'm wrong, I had never tried to create popovers/popups using CSS. What's neat[†] about the popovers API is that it doesn't need any JS, you just write a couple of HTML attributes and voila, a popover/popup. They will run with JS disabled as well.
The core trick to making a popover, tooltip, or, really, any kind of overlay element that's anchored to something on the page is putting an element with `position: absolute` inside one with `position: relative`. You can make it display on hover with CSS alone too, if you really want to.