No, this is the budget for the European Union's funds and institutions only. It's separate from the national budgets of its member states although it's funded out of them with each country contributing proportionately.
Military spending and the maintenance of armed is still an exclusive competence of member states and will likely remain so even as there's more integration of rapid intervention and peacekeeping HQs within the EU.
Total defence spending across the entire EU is around €200 billion.
The €148 billion does include a security and defence budget of around €44 billion a year, most of which goes to a joint R&D fund (European Defence Fund), the European Peace Facility, and agencies like Europol and Frontex.