IMHO, it depend on only the CAM postprocessor. You may assign it to a free axis (e.g. A). It can use the Z axis to go up and down, or if it has a solenoid to push down (or lift up) the blade, it can be driven by the laser output pin. (No PWM, just M10/M11.) It's only my private opinion: in fact, I don't know if the control software has to turn the blade or the CAM will do it.
It does not support automatic tangential knife control like in Mach3 if the question was about that. However the tangential knife control in Mach3 is pretty buggy, so I think it is still much better if you get a post processor in a CAM software which supports tangential knife control and then output the code like that. I mean that the CAM software could put the knife control as e.g. 4th axis. I think SheetCAM for example has a tangential knife module....