Yes, it does. I just bought 2 unlocked SIM-free iPhone 11 Pros.
That's not true. You can buy an unlocked, SIM-free phone that works with any carrier, and still finance for 24 months with the Apple Card. I just did it.
How does it work then. It appears you have to purchase the phone in full. What happens on the back end in the Apple Card settings itself?
The language in the footnotes do not seem promising. Not to dismiss what your are saying.