Of course it does. My $5 universal remote does as well. Logitech has somehow brainwashed the public into thinking only their remotes can do "activities". Any universal remote from $5 to $2500 that does macros is doing "activities". Most decent universals allow you to map any function from any device to any key you like, especially a real universal remote like URC. Granted, the model you picked isn't programmable from a PC, which can make things a little more tedious to set up. A higher end model is just as easy as harmony, considering all the hoops to have to jump through to set up a harmony properly.
But you need to get out of the device mode mindset you may be familiar with on simpler remotes. With a more advanced remote, you'd rarely use TV mode, you'd use Watch TV mode, where the proper power and input states are set at the beginning and the transport/menu/number/nav keys are mapped to your cable/sat box, and the vol/mute keys are mapped to your TV or AVR. Cheap remotes can do this as well, but they call it a macro instead of an activity.
FYI, the R50 is essentially identical to the newer R40 and only a third of the price.