No.
Only thing resistance really matters for is to determine the voltage across the led at the set current.
As an led heats its resistance drops and thus it will take less volts to draw same current.
LED internal resistance is not static.
Thermal runaway is the led heats enough at the voltage to cause a large increase in the current draw and then burning out. That is why one needs to "control" the current.
Anyways here is the relation between current and voltage. Use it to calculate watts.
At 3.5V across it it will pull 300mA or approx 1W for example.
When one uses a step down driver at 300mA it will regulate the voltage. In the above example it will "allow" 3.5V across the led (note though at 25C).Therefore maintaining the current at 300mA. When the led warms the current drain may be say 350mA @ 3.5V. The driver will regulate the voltage down to like 3V in order to keep the current output at 300mA
My understanding of it.