Yes ... marking the waypoint with the cursor is simply marking the spot that you've already passed. The GPS program knows what the coordinates of the screen images are, so when you scroll back & mark a spot it will mark the waypoint at that point in the history of your boat movement.
The fact that the GPS program "knows" where the antenna is AND where it WAS in the screen image history ... makes it able to mark a waypoint whenever you see a spot you want marked, whether you are just seeing it come on screen OR it's still in the history of the scrolling screen.
It doesn't mark your boat (current) position, when using the cursor ... it marks the spot where you passed over that cover. You're right, that it would be useless to have/use the cursor if it only marked where your boat (antenna) was "at that time".
Whether or not you have the cursor showing on your screen, the GPS program is using it to pinpoint your antenna's location. So, in essence, you're actually using the cursor whether you can see it or not. If you didn't have the capability of the cursor, and you passed over a spot you wanted to mark, but didn't mark it as soon as it showed up on the screen .... then you'd have to turn around and find the spot AGAIN, to be able to mark it.
Not everyone likes to have the cursor on the screen all the time (I don't) .... but, if you pass over something you want to mark & didn't notice it or get to the buttons fast enough to mark it before it starts going off the screen, then you can scroll back & mark the spot with the cursor ... and that "spot" will be where the GPS coordinates says it was. Doesn't matter where the "boat" is ... it only matters where the antenna IS or WAS, depending on if you mark the spot as you come upon it (where the antenna IS) or use the cursor to go back in time to where you were when you passed over it (where the antenna WAS).
... cp