It exists to a degree, but there are massive gaps in the logic.

An example is the angler fish. Evolution says it slowly evolved a natural fishing rod from its head, which it uses to bait other fish close to its predatory jaws. Ok cool, then what did the in-between species of this specialized fish look like? And what was the evolutionary advantage of a non-functional half rod sticking out of the head of the in-between species? Why would the in-between species continue to evolve if it had a non-functional appendage sticking out of its head?

It's the requirement of missing links like this that kill the theory.