No it doesn't, it's been proven time and time again that there is nothing in Absinth that makes you hallucinate.
Unless of course preparing it properly entails adding drugs to it lol. It's one of those myths that just won't go away.
I did not get any hallucinations from having it but I have heard some of my friends who said that they did see some weird stuff which might be, as you said, some drug mix up. Pretty popular myth indeed…