Does the Catalina Music app preserve star ratings from iTunes?

Ever since the introduction of iTunes and the 5-star rating system, I've heavily used the feature to organize my library.

When migrating to Catalina (and thus retiring iTunes), will the star ratings I've set over the last 15+ years be preserved and still usable?

Yes, but it's disabled by default. I had the exact same question and found the answer here (screenshots included):

The Music app won’t show the iTunes Store or your star ratings by default. You can re-enable these features by clicking on Music > Preferences then enabling “iTunes Store” and “Star ratings” on the General tab.