No, it does not. It gives a bonus 50% of your physical attack (base + weapon attack) only.
BUT, there is a catch; it only applies to the very first hit of skills, or basic attack.
Also, It is MORE likely that this 50% multiplier is applied at the very beginning of the damage formula because it’s a physical attack modifier (aka, right before calculating skill damage (aka, at the very very beginning)). This is what I believe anyways compared to the common belief that it simply adds a 50% of your physical attack at the end.
One reason, [Damage Guide] The big formula, modifier types, and how they interact! this specifically says Cloaking is an attack modifier, but the only thing is that there is no indicative sign to tell any normal person where it’s applied to. my assumption is that we need another T# specifically for effective attack only.
Either way, the bonus increase of the damage is almost nearly the same if it’s applied at the very beginning or at the very end. No one will be able to confirm which one is correct unless someone is willing to get to max level with max gear and test out a skill with a low base damage.
As my position currently stands on Cloaking, it’s better if you have high attack and low skill damage (and I am very certain that this is the correct way Cloaking is calculated). However, it’s flaw is that it’s only for one hit. The best skill to take advantage of cloaking would be spiral arrow.
p.s. is there nothing preventing people from necro’ing? Like geez, what’s the rules on necos? Is there even any rules about it?