Yes, the base class is initialized before the members of the derived class and before the constructor body executes.
12.6.2 Initializing bases and members [class.base.init]
In a non-delegating constructor, initialization proceeds in the
following order:— First, and only for the constructor of the most
derived class (1.8), virtual base classes are initialized in the order
they appear on a depth-first left-to-right traversal of the directed
acyclic graph of base classes, where “left-to-right” is the order of
appearance of the base classes in the derived class
base-specifier-list.— Then, direct base classes are initialized in
declaration order as they appear in the base-specifier-list
(regardless of the order of the mem-initializers).— Then, non-static
data members are initialized in the order they were declared in the
class definition (again regardless of the order of the
mem-initializers).— Finally, the compound-statement of the
constructor body is executed.