Does a 1998 dodge Dakota 4 wheel drive have modulator valve?

No, a 1998 Dodge Dakota 4x4 does not have a modulator valve in the traditional sense found on older automatic transmissions with vacuum-controlled shifting. Instead, it uses electronic controls for shifting. While there are components that control shift pressure and valve body operations electronically, these aren't called "modulator valves." The pressure control is managed by solenoids and the transmission's electronic control unit (ECU).