No, it only affects /.*/. It doesn't affect any other part of the match, namely, the earlier /<div>/.

Is there a way to match a string contained between two delimiters which does not contain a given word? (not a class)

The following would do here: 
m{<div>(?:(?!</div>).)*</div>}

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In reply to Re^3: regular expression and nested tags by ikegami
in thread regular expression and nested tags by vitoco

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