Of course He does. Nobody disputes that. At least I don't. But I also believe He will literally and physically reign on earth in the future. God is Sovereign. Nobody but the Lord is in charge.
I don't believe any of the (current) participants on this thread are disputing that. Just the timing, the lead-in events, and the events of (future) history which precede His literal and physical presence.
I really prefer His present reign to the imaginary scenario posited by dispensationalists. Today, I can talk to my Lord at any moment, any time, any place. In their millenium, our Lord's physical presence will once again be limited to one body, in one place. And the guy with the Jerusalem porta-potty franchise will get rich!
A Jesus reigning now, from the Father's right hand, eager to hear us and empower us to act like servants of the Kingdom today -- or, a Jesus at the far end of a miles-long line of footsore pilgrims sweltering in the Jerusalem mid-day sun. Really, which vision sounds more appealing? Let alone more Biblical?
Psalm 110 is the OT chapter most frequently quoted in the NT.