No, it does not.

The FDA calls it “pasteurized processed American cheese food.” In order for a food product to be a true “cheese,” it has to be more than half cheese, which is technically pressed curds of milk. So each Kraft American single contains less than 51% curds, which means it doesn’t meet the FDA’s standard.

https://www.tasteofhome.com/article/what-is-american-cheese-is-american-real-cheese/

Legally in the US, no. It is not cheese. That why they sell them as Kraft “singles”.