2003 Chevy Cavalier Engine loss power and put putting

Well it could be but then again it could very well be something else. If the alternator or water pump is locking up this may account for the smell of rubber. I would lean toward the alternator because of the loss of power. Have someone mash the throttle while you watch the belt and see if it starts making noise or burning. If you hear the noise it is best to remove the belt and start the engine and see if the noise and or smell goes away. Remember though you can't run it long without the belt because you have no water running through the motor.