Of course not. But many people still would take subordinate position during in a meeting with the US President.
It wouldn't surprise me if Obama was more in awe of Jobs than the other way around. After all, Steve's been in the spotlight for 30+ years now, and Obama was an unknown until 2004.
Which always seemed odd to me. Is he your king? Or was his ascendency based on merit? There's politeness, and I get being star-struck, but beyond that...