At least with respect to the influence of the Earths rotation. With respect to compensating actual camera shake, the modern systems correct 5 axis's. 3 for rotation around the 3 space axis's, and 2 translational, which leaves only motion towards or away from the motive uncorrected for (which usually only expresses itself in the need of refocussing, but that usually is far beyond camera shake, except for macro photography).