Yes. The wheel has the cutouts for the paddles.
I'll elaborate to clear some doubt. The sport package wheel that I'm selling looks exactly like the picture. It has the paddles in it. I am transferring the paddles, controls (buttons), airbag, and trim to my new M3 wheel. Therefore the only thing for sale is the actual steering wheel.
As stated before, the wheel is in great condition and will be off the car on Tuesday.
I'll even throw some e90post stickers (silver)