Yes, Dynamics 365 Customer Insights - Journeys (Real-time) does support Liquid code in emails — but with some important limitations.
You can use basic Liquid templating for personalization and conditional content, such as:
contact
and other entities like event
, lead
, or interaction
can be used based on the context.
Supported tags: {{ }}
for output, {% %}
for logic (if/else, for loops, etc.)