Yes. It may help you to think of Lake Hodges as (under) the bridge you cross (on I-15 N), on your way north to Escondido. In recent years, drought conditions have made it marshy at this spot. It is just past Rancho Bernardo, and right before you get to the North County Fair (mall). The city of Escondido (downtown) is a few (less than 10) miles north on I-15.
Lake Hodges defines part of the southern city limit of Escondido. The opposite (southern) shore has a San Diego address. Rancho Bernardo is the northernmost San Diego neighborhood on I-15 N.
Hope I didn't confuse you!