Yes. Each photo has what's known as Exif data, which includes the Location data from the drones GPS receiver; same with any smart phone photo.
However, the accuracy is better when, for example, all photos taken during a single flight. If you land, change batteries, and collect more photos, they might not accurately line up because the GPS receiver is accurate within a certain precision.
Professionals will use items called Ground Control Points and Markers to line up all images. You can also manually line up image points, its not that difficult, lot of youtube videos out there. You can also add seperate chunks to each workspace and toggle around your datasets.
Heres a good tutorial and explanation
You can buy GCPs on amazon/ebay for less than $100.
