Yes, cats do know their own names. According to an article published by Readers Digest, "A 2019 study found that cats respond more to the sound of their own names than any other words." In this study, they called the cats 4 different names in the same way they would say it's name. When they did say it's actual name, the cat would move its head and ears, indicating it knew it's name was being called. Here is the article: https://www.rd.com/article/do-cats-know-their-names/
The main reason people may think cats don't know their names is that they choose not to respond to them. The article also mentioned that in a study, 15 out of 20 cats only reacted to their names being called when it was their owner. That being said, the cats recognized their names being called, but are selective in who they reacted to.
One source I have in real life is my friend Lilly, who has had 5 pet cats in her life. When asking her if her cats knew their names, she stated that the older cats she had acted like they knew their names, but the newer kittens do not yet. So in her experience, it takes time for the cats to learn their names.