Yes. the models do not represent any kind of in-game effect whatsoever; only the "block" in it's totality has any stats or game effects at all.
Take a look at undead wights for example; Ne -/15 with only 3 models
Also keep in mind the "wounds"
1) do not have to be fatal
2) do not necessarily represent physical injury; "nearly" getting your head lopped off but getting away with it without a (physical) scratch can still be quite unnerving.
"blocks" or groups of fighters seldom die to the last man; often they 'break' and make a run for it (live to fight another day etc). that's what's happening a lot of the time (if of course you care anything at all for what "really" happens in this particular high fantasy setting