
Archmic |

Yes.
All aspects of the channeled energy are modified.
Since a half-elf with the FCB would normally heal for 6d6+2, for example, it is now reduced to 3d6+1.
This is under the assumption that you need to take the FCB 3 times to add +1 rather than it modifies the amount by +1/3 each time you take it; in which case you would normally heal for 8d6, 6d6 + 1/3, but now heal for 4d6 when using the variant channeling.
In short the end result is modified.