Yes, it does. Actually, it does through the regulations in proposed section 4.1 of the bill.
This power is to incorporate laws of a province. But as you will notice, there are quite a few subjects on which regulations could made--there's (a) to (z). The incorporation by reference that is permitted is restricted to only certain areas--something like six of those subject matters. So saying that it's going to incorporate all of the laws of the province is not correct. Only some of those can be incorporated in the areas that have been specified, and that specification is in proposed subsection 4.2(1) of the bill.
Incorporation by reference does not off-load the responsibility of the province. Actually, incorporation by reference is a drafting technique. It only says it permits someone to take laws that are already adopted and written somewhere, and adopt them as if they were their own. So it's still the government making those regulations, but you're not going to see them in that form because they'll be published in the Alberta Gazette, as they are now, in Alberta.
It doesn't mean the federal government has the power to do everything that's permitted under provincial law either. These are regulatory powers, so the regulatory safeguards are still there, which means that it's still delegated legislation. We have to go through all of the legislation and see whether the incorporated sections or laws fit under the powers that are enumerated here.
There is also the power to adapt, and if you do that, you incorporate everything without having to make some adaptations to the reality of the situation, in this case.
Finally, because it's the Governor in Council, they can amend any of the regulations incorporating...or they could decide to repeal them, because the Governor in Council is making those regulations. If incorporation by reference does happen, that simply means these are still Canadian or government laws or regulations.