That's not quite correct.
There are three AA Damage Types:
Instant:
On Priority Sector activation, ALL enemies squads in the area (range and side of ship activated) recieve % current health damage. 5% current health from DD activation, and 3.5% from CA/BB/CV.
Continuous:
This is the guaranteed damage that appears in small ticks over time. This effects ALL enemies squadrons at full value. It's delivered every 2/7ths of a second (unless hasted by Priority Sector).
Flak:
Flak clouds are spawned at a rate of 1 location/2 seconds per "Shell Explosion" listed in port. This number is hard capped, so a ship with 8 Shell Explosions only makes 8 flak bubbles per 2 seconds. If there are 2 enemy squadrons in range, the flak is divided among them both to cause 4 flak bubbles to be assigned to each squadron. If planes touch a flak bubble, they get damaged normally (because they hit flak).
Instant and Continuous Damage magically effects all targets available at full value. So if there were 2 CV players and 2 Hybrids with planes attacking a single ship, all 4 player squadrons would receive AA at full rate (hence "magically" <3)
Flak is different, though. It's capped and can be overwhelmed, although AA and Flak from multiple ships can all be happening at once to a single squadron.