Hi,
Yes, that's correct. All measurements and distances you see in various things related to the 3D Preview, such as the preview location, coordinate readouts under the preview and measurements using measure mode, are done based on the parts of the scene under the mouse excluding objects. For example mousing over the terrain surface and the sky will give valid measurements but mousing over an object won't. As you've seen, the measurement in that case will be based on the terrain under the mouse and not the object. At some point we should change it so objects are considered in this too, but that's the way it works for now.
When you mouse over an object's handle (or anything else which has a handle, like some shaders) the coordinate readouts lock to the position of the object. To put it simply, they show what you'd see in the object's position parameter.
Regards,
Jo