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