Apple's documentation for iOS 7 makes me think it is not, for it makes a distinction between "restored by the system" (i.e. built into iOS 7), "restored by your app" (i.e. functionality required inside app"), and "not required".

The fact there being three (and not two) options and product type "consumable" being marked as "not restored" makes me think that an app that does not support restoring consumable product may still pass Apple's review process.

However this popular question and answer seem to suggest that such support is required ("I read somewhere ...") But would this not amount to "consumable" taking on "restored by your app" semantics, which seems to contradict the quoted piece of Apple documentation.