Right
昔 supplies a residual phonetic (xī → liè through historical drift in this old phonetic series). The traditional form was
獵 with a fuller phonetic
巤; the simplified
猎 substitutes
昔 as a graphic shortcut. The former-times meaning of
昔 plays no role here. Same simplified phonetic in
借 (borrow),
错 (wrong),
措 (arrange).