No. Volume sliders do not use a linear scale. A linear scale is all but useless for volume. Most volume sliders use a logarithmic scale, where 50% basically has no meaning except in relation to the minimum value chosen by the slider.
This is perfectly sensible, since our sense of hearing does not scale linearly from silent to loud. Our ears have a dynamic range of about 120 dB. On a linear scale, the 50% value would correspond to about -6 dB, which is perceptually one 50th of the full audible scale.
A sensible volume slider (on a PC) would range about 40-60 dB, since anything below -60 dB will be lost in background noise anyway. Thus, the 50% mark would be somewhere around -20--30 dB. Thus, this 50% setting would lose roughly 5 bits of information, not one.
Note however that a reduced dynamic range at "half loudness" is usually just fine, since the full dynamic range can only be heard at high volume anyway.
(Also note that the bottom value of volume sliders usually mutes. Analogue equipment sometimes does not do that, which results in very faint signal playing even when turned all the way down.)
That said, the whole argument about losing resolution probably does not make sense anyway since the operating system volume sliders attenuate the sound hardware DAC gain instead of actually decreasing digital gain...