No.
The compaction test measures compaction of the particular material at the surficial level.
This is mostly a parameter to determine if the site has been prepared properly.
The soil bearing capacity is a function of the loads imposed by the structure and is normally limited by settlement.
If you do not have any fill, the compactive effort will generally only extend to a foot or two below the ground surface.
Unless your footing is very lightly loaded, the stresses imposed by the structure will extend several feet below ground.
Your geotech should be giving you bearing capacity recommendations based on the structural loadings they are provided and the subsurface conditions.
i think it's good to reitterate jgailla's point in a different way...high compaction in the upper couple of feet likely won't make a flip when you look at the bigger picture. however, if you have 40 feet of highly compacted fill, then that is a different story (but often is not very practical to put in such a large amount of material to higher compaction requirements due to the added difficulties, extended schedule, potentially limited amount of materials able to use, in-situ moistures, etc etc). it all depends on the loads you're dealing with, the depth of fill, the area of loading, settlement criteria, materials being used for fill, and a few other factors. consult an experienced local geotech to discuss job specifics.
To reiterate - 98% modified Proctor maximum dry density of uniform sand will not have the support capacity of 98% modified Proctor maximum dry density of well graded granular crushed base course material. Thicknesses of fill layer in relation to loading area is a major factor also.
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