No, it's 2 credits. Maybe you are confused with Category vs Credit. At the 8:30 show you may use DDP for Category 1 seating.
From 2016 DDP Brochure -
"Two Table-Service meals for each person dining at a Dinner Show will be redeemed from their meal plan balance."
"The Disney Dining Plan can be used for Category 2 or Category 3 seating at all Dinner Shows (subject to availability) and Category 1 seating at the 8:30pm Hoop-Dee-Doo Musical Revue (subject to availability)."
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