Unfortunately not. The % is referring to the "total extract" or "total gravity" of the grain bill.
Each grain (or anything else that adds gravity) has a "potential extract". For instance, dme usually has a pot. extract of around 45 (I think). Which means 1 lb of it dissolved in 1 gal of water will yield an OG of 1.045. Pot. extract assumes 100% efficiency.
The thing that makes it complicated is dme is 100% efficient, but grain is not. Usually around 70%-80%. So whatever grain you are using, find out the pot. extract, then multiply by .7-.8 to account for loss of efficiency, then multiply by lbs of grain (or extract) to get the total "ingredient gravity".
Add up all of the ingredient gravities and you have your total gravity. The ingredient's % of the total grain bill is just ingredient gravity divided by total gravity. You can also rearrange the #s to figure out how much grain you'd need for a certain percentage.
Lastly, you can get ballpark numbers by doing % by weight, but it's just not as accurate. Hope this helps.