Yes he does. Particularly so in this picture of his maternal grand parents, taken from The Obama File:
This would have likely been taken in 1942. Stanley Dunham had joined the Army in June of that year. In the picture he's still a slick sleeve Buck Private (E-1), so it's likely this was either before he went to basic, or on leave after basic. If he was assigned to one of the several Kansas Basic Training posts, he could easily have visited on his way to advanced training or his unit of assignment. But it can't be too long after basic, and still not have the single stripe of a Private (E-2). Having been born in 1918, he would have been about 24 in the photo. The lighting or film processing makes him look darker, and thus more like his grandson.