In terms of animation, yes, but mechanically the planes are divvied into "The planes that will be attacking if you attack something" (ie: the first squad) and "The remaining planes" (ie: the rest of the squads). The "rest of" planes can currently be thought of as a form of "armor" in that they take the Continuous Damage first in order to allow the attacking planes through.
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The proposed test allows Continuous AA to pick planes in any of the squads, including the "attacking squad". If a plane is shot down in the current "attacking squad", then the squad remains unreplenished and will attack with less than a full number. In the above example of 3x3x3 plane setup, loss of a plane in the first squad would result in a 2x3x3 lineup. Attacking would result in 2 planes shooting ordinance before leaving to go back to the carrier.