Yes it does. I had a USB Image of the OS X Installer I created some years ago. Was not able to install it (since the certificate expired). I had to reset the Systemclock to something like 2015.
But I guess they don't expire like iOS updates do.
How is it a bug that a certificate expires? Every certificate expires at one point and if you try to use in the future it will not work as it is expired. That is not a bug. It is a feature.
