[DSMan195276]

Yes, but it is not adjusted per-block, but every 2016 blocks (Which is 2 weeks time if each block takes 10 minutes to find).

It's also worth keeping in mind the problem that timestamps are technically forge-able by the miner. Bitcoin doesn't really solve this problem, but it does place requirements that the timestamp of a block be larger then the average of the past 11 (With various constraints). Thus if you presumably have mining distributed enough, then one giving you as invalid of a time as would still be accepted wouldn't end-up affecting things long-term since they can't generate blocks fast enough to heavily affect the average. Still technically an attack vector though.