No, Studio 16 and Avid Studio does not use a Content Transfer Wizard. In many cases previous content is still supported. It is either included for free, or will install normally. For more information on this please see these FAQs:
Pinnacle Studio 16 Compatibility with Previous Studio Version Content
Avid Studio Compatibility with Previous Studio Version Content
Does Studio 16 or Avid Studio use a Content Transfer Wizard?
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