Yes it does.
"King is No 1. amongst the [Ookanban/All Stars], the highest executives in the beast pirates. In other words, he's the second most capable beast pirate after Kaido..."
Fair enough.
I wanted you to clarify this because we usually use terms like "highest" and "top" to indicate hierarchical order. When you talk about the Marine ranks, for example, the manga refers to the admirals as the
highest-ranking officers, after the FA of course, while they outright call them the
strongest military force when talking about their strength.
I don't see why you'd call someone "number 1" or "highest" to imply he is the strongest when you can outright call him the strongest. Not to say, you can't say "someone is at the top of a group" to say he is the strongest but that's some obscure way to say it. Because calling someone top could mean both the strongest as well as the highest ranking.
If the context makes it clear that the statement refers to strength, then sure it just means King is the strongest. If it isn't explicitly about strength and just calls him "the top of the All-Starts," then we have little reason to believe it doesn't refer to their ranks given the whole King > Queen > Jack theme.