I would bet that it does. I don't have rFactor 2, but it's possible in rFactor 1 as well. Just open up your own dedicated server, set your number of AI-opponents (up to 32) and join as a spectator. This way you can get AI-only races in rFactor 1.
Only problems you can't accelerate the time (as if this would matter if you want to watch the races ^^) and you can't just press "R" and get a replay. Go into the menu kind of things.
However don't put too much hope into it. While I'm sure it's possible in rF2 to do the same as in rF1, the AI in rFactor tends to be quite stupid. Sometimes I'm driving Open Wheelers, and they just drive into me like I wasn't there. Expect a few of these things when watching AI races.
Greetings
Silverman
PS: If you get a track with a bad CC-line, be aware of flying AIs. Great stuff, if you don't want to watch a race