No, it does not. What I do get is 16 selection choices and none of them allow me to change the word 'Member' to something else. What am I missing?It's called a "Custom Title." You can set it by clicking on your Username in the navigation bar. The field shows up under your avatar on that page.
Kind of what I thought. But I had to ask. Thanks for checking.Okay, I'll dig a little deeper.
Apparently this can only be set by a moderator or administrator - which is why I see that option on my screen and you do not. Without modification of the system as it stands, your most visible personalization is the signature line. There are other "About Me"-type fields that you can choose to fill-in as well.
The current user titles come from an algorithm based on number of visits, posts, etc.