They do. Really important if you want to do a Knight rush, just make sure you get to the AI walls with the ram before they get up 200 health medieval walls and the cities should melt.
The weird part is I've started playing "No reset" games, and weirdly enough, I've turned around a little about battering rams, but only because of the new wall values. Taking down a 200 or even 300 wall even with a Ram and melee units is actually quite hard, and I recently resorted to using Siege Towers for the second time ever playing Civ 6. This in turn made me turn to Siege units with Observation balloons and wanting to actually setup bombers to speed up taking cities. Coastal cities still go down just fine to Battleships though.
Did bump into what I think might be a bug where the Upgraded Drones don't seem to give the +5 strength when hitting cities.