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Yes it does! blog accompanying your site will help you to have more indexed pages and can better serve you to promote your site, i.e. growing blog will increase the visibility of the site directly. On the other hand if you get a blog at wordpress or blogger for promotion purpose, it may also work fine as free blogs get faster indexing, but the thing that matters is whether it diverts whole of its traffic to your site or not. Of course it will not divert whole of the traffic it gets, but a part of it, and hence having blog on free platform will need double effort.
Well, that's what I think, some experts may give better advice!
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