Just switched to iCloud last week. Yes, it does catch-all (although it needs to be enabled through a checkbox in one of the settings menu). It also does sub-addressing / plus-addressing natively (no menu setting needed), which doesn’t seem to actually be documented but it works flawlessly for me.
I’ve been extremely happy with it so far. Pairing plus addressing with some of the filtering rules allows me to direct bulk mail to the right place automatically. For whatever reason, filtering rules can’t be done on iOS but need to be set through icloud.com (not sure if they can be set on macOS).