Yes. "What's" being a contraction of "what does." However, "what's" is also a contraction for "what is." Careful with these contractions.

Yes. In this case "What's" is a contraction of "What does" and "How's" is a contraction of "How does."

Yes, in these contractions it means "what does", but don't assume that this is always the case. If you're ever not sure, write or say the phrase fully.