Sure it does, provided he is a widower, or she has entered a convent. Nary an early Christian had an exegesis of this passage other than that. "Husband of one wife" was a guaranteee of his continence in the minsitry. A man who could not control his human flesh and remarried, or who continued using marriage after ordination, could not be expected to maintain the discipline needed to be a Bishop.
The Catholic Church doesn't forbid married men the ministry. It forbids ministers to make use of their marriage if they had one prior to ordination, faithful to the exhortation of the Lord. "And every one that hath left house, or ... wife, or children, ... for my name's sake, shall receive an hundredfold, and shall possess life everlasting." (St. Matthew 19.29)