@AB9 Cakewalk has been fully compliant with all the standard MIDI CC, RPN, NRPN instructions, since its inception in the late 1980's.
I assume you are asking if it recognises CC 88, which the MIDI association defines as the CC to use when the standard is not sufficient requiring 14 bits of velocity instead of the defaul 7.
There is no blocking filter in the MIDI configuration that I can find to stop CC 88 being passed by Cakewalk.
Having read a little about CC 88 it seems to me you are asking the wrong question. Your question should be, does plugin XYZ or hardware synth respond to CC 88. You can most definitely add CC 88 MIDI messages to Cakewalk either manually or via a envelope, or of course if you have a MIDI controller that can be set to transmit MIDI CC 88.