Yes, the whole address is 128 bits.

Hence my having a /64 (/48 in fact, should I ever enable more than the current /64) shows that 64-bits is enough for global addressing. If it wasn't then giving me a /64 would be part of a path to creating an address exhaustion problem just like the one with IPv4 (which was exacerbated somewhat by handing out /8 ranges unnecessarily in the early days).