Yes, QBO does track inventory. It is only available in QuickBooks Online Plus. You can turn it on via Settings ⚙ and select Account and Settings>Sales>Select Edit ✎ in the Products and services section>Turn on Show Product/Service column on sales forms. Then choose Save and then Done.
Here's more info about setting up and tracking inventory in QuickBooks Online. You'll get to add your inventory products, Keep track of what sells, restock your inventory, and use reports to check the status of your inventory.
If you have questions, please leave a comment and I'd be happy to help.
As additional option, consider having an inventory management app with B2B portal feature and intergate it with your QBO. You may start exploring from these apps.