Yes it does conduct in either direction.
Due to the body diode, most discrete MOSFETs cannot block in the reverse direction, but the channel will conduct in either direction when the gate is biased "on".
If you want to conduct and block in both directions you need two MOSFETs in series.
MOSFETs used as near-perfect rectifiers are usually used in the reverse direction for conduction (so they can block in the other direction).