Is raising a number to the power of 0.5 the same as square root?

YES!!!!

sqrt(x) = x^(0.5) = x^(1/2)

It is just mathematical convenience, which expression you choose.

NB

Cube Root

curt(x) = x^(0.333....) = x^(1/3)

Fourth root

4rt(x) = x^(0.25) = x^(1/4)

et.seq.,