Element Values on Weapons

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Most of the time I just used the weapon with the highest element value of what I needed, but now I thought about it and dont really have an idea what the value really means.
For example the Kut-Ku Pair: it does 154 raw damage and 190 fire damage.
does this mean I do on each hit 154+190 (effected by the resistence of the monster i assume) damage?
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HIDDEN WEAPON ELEMENT ACTIVATION | Monster Hunter World
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Images: Karolina Grabowska, Karolina Grabowska, Anna Shvets, Karolina Grabowska