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Not necessarily, but it is likely to be the case. The only way to know if it will earn QF SCs and FF Points is to know the booking code. For CX flights, you earn SCs and FF Points for all A, F, J, C, D, I, Y, B, H, K, L, M and V fares. Anything else is a non-earner in the QF program.
It is likely that a CX fare that does not earn AsiaMiles points is not going to be one of the fare types listed above.
Thanks for pointing this out Mal. When I am looking for flights on CX website I only skim through the fares without going too far into the booking process and at this point there is no clarification of booking class. I was on the phone today to Cathay Pacific in Australia trying to get assistance on how to determine booking classes from CX website. Was not able to get answer and told to call number in HK for clarification.