Best answer: It absolutely does. Just as Xbox One controllers have forwards compatibility with the Xbox Series X and Series S, the new controller has backward compatibility with the Xbox One.
Backwards compatible with Xbox One
Microsoft has made a big deal out of compatibility of not only games but accessories, between the Xbox One, the Xbox Series X and Xbox Series S. And while existing hardware is forwards compatible, the sharing doesn't end there, because the new Xbox controller is backward compatible to the Xbox One.
That means if you're picking up a new controller for your Xbox One, a Series X|S controller is a fine choice, not least because of one of its new features.
Share button functionality works on Xbox One
One of the signature features of the new Xbox Wireless Controller over the previous generation is the hardware share button. And support for this is also backward compatible with Xbox One, which might be reason enough to pick one up.
On Xbox One with the standard controller, capturing screenshots or clips is a two-tap process, first opening the guide then pressing either X or Y depending on what you want to capture.
With the new controller, on the Xbox Series X|S or the Xbox One, a single press snaps a screenshot or a long press grabs a video capture. Simple, easy, and with no interruption to your gameplay.
Ditch the micro USB cables
Another bonus to the newer controller over the old one is that it embraces USB-C for charging (with a play and charge kit) or wired connection to the console. Since there's a strong chance you're now using USB-C in a lot more places than micro USB, you can toss out your remaining old cables.
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