No.
If the sum of the modifiers is positive they are applied directly to the defender's strength, so +50% is done by multiplying by 1 + (sum of modifiers) = 1 + 0.5 = 1.5. Like 6 * 1.5 = 9.
If the sum of the modifiers is negative they are applied by dividing the defenders strength by a value which is 1 - (total modifier), so -50% is done by dividing by 1 - (-0.5) = 1.5. Like 6 / 1.5 = 4.
In cases where the defender has no bonuses this is mathematically identical to applying the bonus to the attacker. X vs Y/1.5 (like 6 vs 4 when X and Y are both 6) is the same odds as X*1.5 vs Y (like 9 vs 6 when X and Y are both 6) since in both cases the attacker ends up 50% stronger than the defender.
With modifiers from both attacker and defender it often works out differently since X * 1.5 vs Y * 1.25 is not the same as X vs Y / 1.25.
Example: 5 * 1.5 vs 6 * 1.25 is 7.5 vs 7.5 which is even and therefore a 50% chance of the attacker winning,
but 5 vs 6 / 1.25 works out to be 5 vs 4.8 which is not even and gives the attacker more than a 50% chance to win.
Various analyses of this have been done in the forums, explaining what it all means for cases when the attacker gets more bonuses or the defender does and how the combat bonuses which are applied to the attacker affect the situation, and what effect first strikes add to the various situations. The combat in civ 4 is not exactly intuitive and this "almost all bonuses are applied to the defender" thing is one of the major reasons, which is why all the threads talking about this exist.