Yes, it makes the equipotential surfaces of Earth's gravitational field (the surfaces on which time ticks "at the same rate") ellipsoids instead of spheres. The "geoid", which is the standard such surface that defines UTC on Earth, is the equipotential surface that averages to the Earth's sea level, and is 13 miles further from Earth's center at the equator vs. the poles.
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Yes, it makes the equipotential surfaces of Earth's gravitational field (the surfaces on which time ticks "at the same rate") ellipsoids instead of spheres. The "geoid", which is the standard such surface that defines UTC on Earth, is the equipotential surface that averages to the Earth's sea level, and is 13 miles further from Earth's center at the equator vs. the poles.