Yes, course archives contain a backup of all course materials and participation records of the students enrolled in the course. Visit the Archiving a Course page for more information.
I want to backup my course but I don't want to include student records. How do I do this in Blackboard?
The Export Course tool can be used to backup and export from Blackboard the entire course or just select portions of the course. Student records are never saved with an export of the course. Visit the Exporting a Course page for more information.