No - the brightness that is set using setBrightness is applied to all the leds before they’re written out to the strip - think of it as a global volume knob - but for light, instead of sound.
(With the understanding that the V is basically negated)
I prefer HSV for color selection, and don’t minding setting all the individual V’s if I have to, but being able to use setBrightness is a nice “safety” when I’m experimenting with different effects – to avoid an unplanned for, amp-sucking display of all white full-bright.
V isn’t negated – for example, if you do setBrightness(128) and then do leds[0] = CHSV(255,255,255) and leds[1] = CHSV(255,255,128) – leds[0] is going to be at brightness 128 and leds[1] is going to be 64 – so the V value is still important - and all your relative V values will still be the same, relative to each other, scale wise. It’s just that setBrightness(128) will halve the brightness value of all the led data before writing it out.