Yes, it has that meaning in combination with vad.
There are two different verbs: tycka om, the one we have in this sentence is a particle verb, where the stress is on the particle, and the other one is just the verb tycker 'thinks' plus the unstressed preposition om.
However the above sentence is not ambiguous, since if there is not question word, it will be interpreted as a particle, and just mean 'like'. Here are some example sentences, and none of them are ambiguous:
Vad tycker du? 'What do you think?
Vad tycker du om? What do you like?
Tycker du om det? Do you like it?
Vad tycker du om det? What do you think about it?
Vem tycker du om? Who do you like?
Vem tänker du på? Who are you thinking of?
Tycker du om honom? Do you like him?
Vad tycker du om honom? What do you think about him?