I don't think so, I think the damage buff is a flat 90 AR. Which isn't amazing, (Scholar's Armament, by comparison can give like 300+ on the right build), but given that it lets you double dip, to an extent (buffing a Flame Art or Fire weapon) it's still solid. Flame Art Erdsteel Daggers w/ Flaming Strike was a fun build when I messed around with it. (Stack Flame physic, FGMS, Vow, Fire Scorpion, Winged Curved Sword, Ritual Sword, etc, slap stuff with absurdly fast attacking ~1000 AR weapons.)
The attack portion of the AoW should scale with Faith (or Strength, depending whether it's set to Flame Art or Fire, I believe) though, IIRC.