Well yes it does but not in the way it should. Vogue US is all commerce and no creativity, which, while it reflects the current state of the fashion industry, is nothing to gloat about. Why doesn't Wintour uses her vast power to support real talent in her pages as opposed to It designers who really are glorified stylists. Why so little McQueen and Owens and so much Posen and D&G? Vogue's only role nowadays is to shift large amount of perfume and bags to their readership through shameless name-dropping disguised as fashion editorials. I still think Vogue was more powerful under Vreeland because it made fashion instead of just following and marketing it.
I don't know that your assessment of what appears on Vogue's pages is really a fair one. Like shirleebee and Scott have already pointed out, her magazine does feature a wide variety of designers, from the big name advertisers (and make no mistake about it, McQueen falls into that category cause he's got Gucci $$$ backing him. His stuff is
always in Vogue and has been for some time) to up and comers like the annual fashion fund finalists, the Mulleavys being the most recent example. Dries Van Noten, Rick Owens, Marni, Ann D, Giles, Christopher Kane...all of them have appeared in Vogue with some regularity and
none of them are advertisers. So even though the magazine is pre-packaged into individual, easy to comprehend and consumer friendly bites, the selection of designers that appear on Vogue's pages is pretty well rounded. Besides, it's not like Carine isn't guilty of doing the exact same thing you accused Anna of doing, featuring work by young or "it" designers that
she likes on the pages of her magazine. And she, as well as Franca Sozzani, feature just as much Prada, Gucci, Lanvin, YSL, Givenchy and Vuitton as Anna does, but nobody is raking them over the coals for pandering to advertisers. Just because the editorials are more interesting doesn't change the fact that those magazines are just as much about commerce as American Vogue is, they just disguise it better with good photography and a little bit of nudity.
And to say that she doesn't use her power to support real talent is kind of subjective anyway, don't you think?