Yes. Any heal that you would receive while under the effects of a heal debuff is... well, debuffed.
Let's say you play Mundo and you would regenerate 1200 health with your ultimate, at the rate of 100 health per second. So you're regenerating health at that rate for 5 seconds, when Gangplank attacks you, halving your healing. For the remaining 7 seconds, you only heal 50 health per second.
Let's say you play Mundo and you would regenerate 1200 health with your ultimate, at the rate of 100 health per second. So you're regenerating health at that rate for 5 seconds, when Gangplank attacks you, halving your healing. For the remaining 7 seconds, you only heal 50 health per second.





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edit: i would like to inform people that i did realize just after posting that the title does have healthing, instead of healing. OH well.