Yes, the two QuadBatches will use the different values.
With bitmap fonts, Starling (and Feathers) uses a single image instance shared among every character. It sets the required values for the first character and adds it to the QuadBatch. Then, for the next character, it sets new values, and adds the same image again to the same QuadBatch. Repeat for all characters, using the one image instance. Adding to separate QuadBatches should be the same.