Well, not quite (the green box thing doesn't represent the weather station, that is). The green box shows the area covered by the "point" forecast. You can move the green box around, by the way, to show other areas. Using the +/- buttons on the side controls the magnification, which I prefer about two clicks minus. Once I've done that I hold/click the map and move it 'til the green box is centered where I want it. I commonly move it so the box is about where Land's End is. It doesn't really matter - the forecast stays just about the same no matter where you put it in the area. You'll be able to note a difference on the description, though - keep an eye about center on the far right side and you'll see the lat/long numbers change and the elevation may well do so, too.
I usually enter "84083" in the search box -- and even though that's Wendover, Utah's zip code -- the map takes me to "31 miles NNE of Wendover". Hunh? So that's when I move the green box to where I want it.
Your results may vary. I don't know if there's a local weather station in the greater Wendover metropolis - or if the NOAA sensors in Elko and SLC just interpolate that information. To give it a test -- enter your home location (or click and drag to it) and see if the forecast and weather observations are strictly accurate. Ours is usually close but not exact.