Interestingly, no. Even taking it to mean, “equivalently sized person”, short bodies tend to have more leverage with their limbs. It’s why a lot of shorter power lifters don’t look as big as taller ones. Although that can be hard to tell, since many of them just look like a chubby dude until you see them move something insane.

The true answer as to whether it was equivalent would come down to hobbit anatomy and biomechanics. They could be stronger or weaker than a similarly statured human depending on how their musculature works.