Many do, though it varies by partner — some focus purely on licensing and billing, while others actively help configure security features (conditional access, multi-factor authentication, data loss prevention policies) and compliance settings as part of their service.
If security/compliance configuration support matters to you, it's worth confirming this is explicitly included (or available) with a prospective partner rather than assuming it's automatically part of every CSP relationship.
If you need help configuring Microsoft 365 security and compliance settings, not just managing licenses, that's something we help with directly.