Yes, the hex(adecimal) values use a number made of two base-16 numerals per channel. 16x16=256. So, it’s just another way to express 8-bit-per-channel color.
From: After Effects Mail List [mailto:AE-List@media-motion.tv]
On Behalf Of pixelbot@comcast.net
does hex have the same granularity as 8bit RGB? I've only used it when editing the AE pref file.