Yes it is encoded. Essentially the rate of firing for a neuron encodes an exponential value to be represented. This is called "spike trains".
You can see this clearly if you do an extreme slowdown of a human movement. Then, suddenly, what looks like a smooth movement, like raising an arm (and because of inertia it is smoothed of course), isn't really smooth. A pulse arrives in the muscle, and there is 20ms where the muscle is tensioned, and then it's back to neutral for 100ms. Then another spike arrives, another 20ms where a lot of tension is put on the muscle, the movement accelerates, and the muscle goes back to neutral. It's not a continuous movement at all.
But odds are good that it's not just the value that's encoded. Many experiments have shown that it matters a lot if the signals are in phase (ie. they encode the same or some multiple of a value, but that the signals started at the exact same time matters, maybe more than the value itself. Or in the encoding: while for the value only the distance between 2 spikes matters, if 2 spikes on 2 different neurons occur at the exact same time, this will be interpreted as very relevant, even those both spikes may have very different firing rates)
You can see this clearly if you do an extreme slowdown of a human movement. Then, suddenly, what looks like a smooth movement, like raising an arm (and because of inertia it is smoothed of course), isn't really smooth. A pulse arrives in the muscle, and there is 20ms where the muscle is tensioned, and then it's back to neutral for 100ms. Then another spike arrives, another 20ms where a lot of tension is put on the muscle, the movement accelerates, and the muscle goes back to neutral. It's not a continuous movement at all.
https://en.wikipedia.org/wiki/Biological_neuron_model
But odds are good that it's not just the value that's encoded. Many experiments have shown that it matters a lot if the signals are in phase (ie. they encode the same or some multiple of a value, but that the signals started at the exact same time matters, maybe more than the value itself. Or in the encoding: while for the value only the distance between 2 spikes matters, if 2 spikes on 2 different neurons occur at the exact same time, this will be interpreted as very relevant, even those both spikes may have very different firing rates)