No. The tool uses total hardware resources, not currently available ones.
It displays current usage (via progress bars and "used" values), but the LLM model recommendations are based on raw hardware totals, not what's actually free after background processes.
This is a reasonable design choice for a "system specs" tool—it's showing what the machine has, not what it has available right now. But you're right that it could misleadingly suggest a 70B model fits on a 24GB GPU when other apps are already using 4GB.