Yes. You can, however, setup user-defined custom tags and have control over where they're stored (files, DB).
You can find it in the Preferences under Tags (1).
MusicBee 3.5.8516 / Windows 10 (64-bit) / Intel i5-3470 / 8GB RAM
Media on NAS (CIFS share)
20K+ tracks, predominantly FLAC ; converted to mp3 (lame -V 0) when synced to a Cowon D2+
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Get the latest patch:
https://getmusicbee.com/patches/