Not exactly...it actually depends on what channel you're watching.
If you are watching an SD channel and are experiencing Black bars on all 4 sides, then what is occurring is; The TV is generating the Black bars on the right and left side and the black bars that are directly over and under the video image are part of the video signal. What this means is; the black bars on the left and right are not being transmitted to your TV.
But if you are watching an HD channel and are experiencing Black bars on all 4 sides, then what is occurring is; all 4 black bars are being transmitted by the TV video signal where the top and bottom bars are part of the original video and the bars on the left and right sides are being generated (as video) by the TV station.