No, that is how much voltage the
mod is throwing at the coil. The biggest figure to describe the stress being asked of the battery is the amount of amps being pulled. More amps you pull, warmer the battery gets while supplying that amount of current, closer you get to the battery's CDR rating, the warmer it gets as you are getting closer and closer to equaling its internal resistance. A regulated mod generally has a either a boost circuit, buck circuit, or both inside when talking variable voltage and wattage.
Boosting Circuits are most common, what it does is boost the voltage above what the battery presently has in its charge, and is used more the lower the battery charge going down toward 3.2 to 3.6v. It achieves this by pulling more amps out of the battery to convert to voltage. A good formula to use to see how many amps you can possibly request out of a battery from a regulated mod is take your max wattage, we'll say for example an Evic VT or VTC Mini, max 60watts, then divide that by lowest battery charge level, example 3.2v would be as such, 60/3.2=18.75amps would be the max stress on your battery you'll ever ask, almost any 20amp CDR battery will handle that safely.