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Yes, and no. Theodore usually represents an Anglicized version of Greek Theodoros, but you can't assume that every Theodore does so, some may indeed be meant as anglicized versions of Theodoric. Theodoric however is derived from the Helleno-Latin version of a Gothic name probably more like Thiudreiks (the -s is the Gothic form of the earlier nominative case indicator -az, dropped entirely in most other recorded Germanic languages except for a few very early inscriptions). The Helleno-Latin form Theodoric (the Empire being dominated by the eastern Byzantine court at the time) is undoubtedly influenced by Greek Theodoros, in the same way that Gothic Athnareiks is recorded as Athanaric under the influence of the more familiar Greek Athanasios. It's a process called "folk-etymology". English Theodric, and German Dietrich or Tietrich are cognate with Theodoric and Thiudreiks (i.e. they share a common nativity or origin), one is not derived from the other (Tedric and Didric are probably anglicized versions of early continental forms).

It looks so.

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The first elements - Greek "theos" in Theodore and the Germanic "*þeudo" in the original form of Theodoric - just happen to sound and be written similary, but are from languages far apart and with rather different meanings.

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The Wikipedia article gives a lot of background info about Theodoric:
https://en.wikipedia.org/wiki/Theodoric

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It's interesting that in German, one name that goes back to Theodoric is Dietrich, and Theodore is present as almost unmodified Theodor. And Dietrich versus Theodor is quite a difference now!