It does, for node down, my subject line is "Node Down: ${ObjectName}".
A more complicated one for low disk space is "Volume ${SQL:Select Substring ('${Caption}',1,3) AS Caption} on ${Node.Caption} is currently at ${VolumePercentUsed} full".
Linux low disk - "Volume ${Caption} on ${Node.Caption} is currently at ${VolumePercentUsed}% full ${SQL:Select CAST( ROUND (${VolumeSpaceAvailable}/1073741824, 0) AS Decimal(18,2)) AS Gigabytes} Remain"