Does higher mayhem give better loot?

Does higher mayhem give better loot? Mayhem Mode unlocks when you finish the main Borderlands 3 story and gives you the option to crank up the game’s difficulty, thereby increasing the experience points that you get for killing enemies and the quality of the loot that they drop.

Mayhem Mode unlocks when you finish the main Borderlands 3 story and gives you the option to crank up the game’s difficulty, thereby increasing the experience points that you get for killing enemies and the quality of the loot that they drop.