Yes. There's just lack of rider leaning physics (u can make animation only) but rider mass are here and how the bike reacts to inputs is very realistic.
U just don't really feel all of it as a player since game do many things for u to make it playable.
For example to initiate left turn on a bike, the best way is to turn right first because that forces bike to lean to the left and then u stabilise it by turning left.
It's clearly a thing in LFS and u can even see than when u try to turn left, bike handlebar steers to the right for a moment and bike wheels go to ur right while rider head stays in the same line.
I don't need to mention that wheele, stoppie and shimmy effects exists too.