Yes, "Return to Launch" and yes it does return to the launch point and land just as if you were to push the Home button on your controller. It will climb to the height you have specified in the settings if it is below that. If it is above that it will just return home and land. Of course you can push the FLY button after and take control back if you didn't want it to land.
Setting the last waypoint as a landing waypoint will pretty much accomplish the same thing but it is still in the Autonomous flight and still difficult to take control back. Setting the last waypoint to RTL or RTH then Solo breaks out of the autonomous flight and goes into RTL or RTH, then you can push the FLY button if you wish to keep Solo in the air. Hope that makes sense.