Well, not exactly.
You still get the same amount of steem, it is just worth less.
The platform does the math in steem and comes up with the projected rewards based on the value of that steem.
Our rewards could just be dropping with the price, but I'm betting that there is more to the story.
I don't know how the hf has affected payouts just yet, but if you were here 6 months ago, you can see we are better off when the top doesn't get all the rewards voted to them.