No.
If you look in the DATA DIVISION you'll find two 88-levels beneath the same data-item.
01 A-FLAG PIC X.
88 FURTHER-PROCESSING VALUE "Y".
88 NO-FURTHER-PROCESSING VALUE "N".
An 88 allows you to test the value of a field with a name, rather than just a literal.
In most COBOLs you can't, yet, SET an 88 to FALSE. So what is generally done, if using SET, is to make a second 88 which has an "opposite meaning" name and has a value which is different from the 88 you are using for your positive test.
So:
IF FURTHER-PROCESSING
do something
SET NO-FURTHER-PROCESSING TO TRUE
END-IF
Now, FURTHER-PROCESSING is not true after the set.
The name you give to the second 88 is not important for how it works (but important for the human reader). What is important is that the VALUE that it has is different from the value for the "truth" value of the 88 you are using.