yes and no
They represent a summary of how they will perform in combat. But for you it is better that you understand how the stats of an element (model) affect combat. For that you can study the battle logs. Because 2 elements can have the same combat power but will behave totally differently in combat, and if you want to stay historical, you have to tweak the right values to achieve historical behavior, and you should not just reduce some values there and there, almost randomly, to get say 20 combat power... This would not be the right way.
Let's take an example, if you want to represent how powerful is a machinegun company, particularly in defence, then you'll give it an average offensive firepower, a very good defensive firepower. A small to medium range (because you want the element to fire after the field artillery) and then a high rate of fire.