No, it doesn't. I have a friend who has one though, and he's never used the 3 way. Just extra weight and more places for the gates to get bent out of shape IMO. Trailer prices are insane right now due to steel prices, but I'd recommend checking with Big Tex, Top Shelf and Texas Pride. Our local Load Trail place was about $2K out of range for me and I am not familiar with Iron Bull.
If you do get a Big Tex, their one weakness is the gate doors. They use plastic caps on the tops of the hollow tubes instead of welding them closed, and they hold water. Easy fix is to drill drain holes at the bottom of the tubes so they don't hold water and rust out. My buddy's gate hinge rusted off at just over 1 year old, my welder guy fixed it for about $35.