There are 2 versions of cheat mode and Cheat mode units and building some times have different properties when acquired via "instant" built weather it is building or a unit. I had happen to me a couple of times when I was trying to test something.
The reason why I asked the question was that I got wildly varying results from checking, but in general the damage seemed more when I used Cheat mod. I used the latest version of Cheat mod when I checked it again. I just "created" the units to test the bombing run. I didn't go as far as tracking the results in a spreadsheet or anything like that so it could just be an impression.
When I checked by playing the game using two different steam accounts with COH2 running on them, I typically got the same results as Blvckdream. Using Cheat Mod II, it sometimes took over half health from a Elefant, particularly if attacked at an angle and from the rear.
It did worse against PIV's, PV's, Brumbars, etc because of their size, often dealing 1/4 to 1/3 health damage against them. Attacking from behind and at an angle helped a little, but not that much and, in general, the damage was inferior to the general purpose bombing run, which doesn't require a protractor to use. I'm starting to think that the people who are saying it is bugged are correct. I don't think any other ability in the game varies so widely in results.