No, Slippage is a price range percentage. Due to the often-high volatility of the crypto market, when you place an order for a token, the price between the time you hit Swap and the time that the exchange tries to execute your order, the price may change.
Setting a slippage rate just means that you are willing to pay a certain percentage over or under the price you were expecting to buy at.
For example, if you set slippage at 10%, the exchange will execute your order at 10% either side of the current price. Your purchase depends on there being a seller who is willing to sell a token at the price you want to buy it at, as well as liquidity.
Remember, just because you set the slippage at 10%, it doesn’t mean the price you buy will be 10% higher or lower- it just means that the purchase can go through within a 10% price variation.