Well, yes and no.

There are three vital oil system valves.
First is the oil pump pressure regulating valve. This is usually built into the oil pump.
Second is the pressure relief bypass valve. This is used to allow unfiltered oil lubricate the engine (in case the filter is clogged or can't allow enough oil to flow). The pressure relief valve is built into the engine block in some cars, and therefore filters for those applications do not need (and often do not have) such built into the filter.

Third is the anti-drainback valve. This is to keep the oil from draining back (duh!)out of the filter when the engine is off. Again, depending on the way the filter is located, this may not be specified for specific models (such as GM engines where the filter is on the bottom). In most filters, this is merely a flap of rubber/neoprene/some such which settles back down against the holes on the outer portion of the filter.