Yes, all standard outgoing links are cloaked. When you add an offer for example, the outgoing links that will be created (Call to action button (with the name), a link in de sidebar and clickable screenshot etc.) will all go through an out script. It will look like this: https://www.name_my_review_site.com/reviews/offer_name/out.php. Only if you add a link yourself in the text area (of an article, review or page etc.) it will be as it is. If you want these links also cloaked, or if you want to create your own cloaked links, you can do this yourself in Content / "Link Cloaking".