Yes. It unwraps, too. But sometimes the end of the wire is bent and the RS tool won't catch when trying to unwrap. The OK separate unwrap tool is a little more of a sure thing, but it is slower to use; it will get jammed if you get more than one wrap in the head.
What is better than either OK or RS tool for unwrapping is regular needle nose pliers with grooved/grippy teeth. Grab the wrapped post in line with the plier head and pull straight up. If you have to unwrap several connections this is way faster.
The one I got from Jameco was the middle kind. The only difference in the wrap is the insulation doesn't fit in the bit. So you only get a half wrap of 8nsulation. With the older JAPAN, you get a full 1 1/2 wraps.
As far as the stripper, yeah. The middle one with the almost black blade is what I got from jameco. The only difference is it seems like on the three I have like that, the blade takes more force and can stretch the insulation a little in one direction. Seems like the way they made the blade there's only a sharp corner/burr on one side. Well, you can actually see this under a microscope. But I find u can sharpen it up quite nicely by rubbing the dull side on a fine sharpening stone; it helps to have a microscope to know when to stop. It's a subtle difference, and you probably wouldn't notice or care if you hadn't used a "JAPAN" stripper for 10 years.
I have also identified a third kind of wire stripper from the Amazon seller (who is out). It is the newer wrap bit but is has a dlifferent blade, again. The blade holder is different too. Rounded on the front and with long ears, and with a light blue blade (but thinner blade stock than the JAPAN). This blade cuts as good as the JAPAN both ways, but the holder is machined a little funky and most of the ones I have like this could use some help to hold the blade tighter. A few taps with a ball peen hammer over the ears does the trick.
BTW if anyone wants a cheap RS wire wrap tool without the stripper, or maybe 6 of them, pm me.