Indeed it does. The Greek word is σχόλη. Pay attention to the stress on the first vowel (o), if the stress is on the last vowel, σχολή, came to mean school.
Now. There is much more to this word that one can imagine (as is usual with all Greek words).
Ασχολούμε, means I occupy myself with something. I do something. I work on something.
Απασχόληση is when someone is occupied with something.
Ασχολία is the occupation.
Σχολάζω is when I stop being occupied.
This is from Greek skholē “spare time, leisure, rest, ease; idleness; that in which leisure is employed; learned discussion;” also “a place for lectures, school;” originally “a holding back, a keeping clear,” from skhein “to get” (from PIE root *segh- “to hold”) + -olē by analogy with bolē “a throw,” stolē “outfit,” etc.
The basic sense of the Greek word is “leisure,” which passed to “otiose discussion” (in Athens or Rome, the favorite or proper use of free time), then it came to be used for the place for such discussion.
God Speed 8