Yes, it has plenty. In the base game alone you have:
Main story line (with Molag Bal being the main antagonist)
A story line for each of the three alliances (you can even play through the other alliances’ storylines even if youre not part of them)
Guild storylines like Mages Guild and Fighters Guild
A separate storyline based in the zone of Craglorn (south eastern Hammerfell)
Plenty of side quests everywhere
And then with DLC/expansions, the amount and quality of storylines grows by a lot.
But I don’t even play for the stories. The raiding is very fun and challenging. I don’t play the game like a time sink. I just log in for my scheduled raids and log out, and I play at a pretty high level. It’s one of the less grindy MMOs. They’ve reduced RNG related stuff by a lot over the years.